Do you want companies to do this in private for private gain and not share it with you? Because making it illegal will just make it happen in greater secrecy.
This is essentially a defeatist argument flirting with supporting extortion, it seems to me. If you think that chatgpt is doing something wrong, this is arguing that you should allow the wrong to exist because there's nothing you can do about it.
In other areas of society where a bad thing cannot be stopped, we still use legislation to reduce the amount of it and mitigate some of the harm.
I don't think they're doing anything wrong. Indeed, I think they're performing a public service that none of the others seemed positioned to do. The default is to keep advances private.
