I think not completely replaced, but it will swallow (sorry not sorry) a lot of traditional porn.
On one hand I'm really happy that ppl will be able to generate everything and rampant copyright issues and stuff will get dampened, but then there's also gonna be an isses of identity theft or defamation and similar which could become a problem. We're living in wild times, but I don't think it'll be utopian or dystopian. That said things will change in steps, although they will a lot.