Generative design is not necessarily Topology Optimisation. Topology optimisation optimises a given topology, i.e. you have to give it a 3D form to start with. Generative design builds variable and numerous different 3D forms which can meet the requirements of the load cases given.
That said, and as previously mentioned, it is not AI in any sense. It is just a mathematical model which has been defined by humans.
There are massive potentials for AI in CAD programs, for example in giving guidance for Design for Manufacture aspects, or for pulling in ergonomic data in order to optimise the size and form of components. Etc.
Potentially, in my opinion, AI could replace a lot of product designers. Only those on the real forefront of understanding psychological and emotional human needs and desires are irreplaceable for longer. Products which are functional, aesthetically targetted to the intended user group and affordable (with mechanical design, market research, material selection, manufacturing cost optimisation, etc all being possible in the near future with AI) will be easily designed by true AI (not mathematical models).