The file was never the work
When execution becomes free, judgment becomes the only thing worth paying for.

For years, the artifact was a stand-in for the thinking. A deck meant a strategy. A wireframe meant a product. A doc meant a decision. The file was the proof that the work had happened.
That premise is dissolving. The cost of producing the artifact has fallen to nearly zero, and what remains is the part that was always doing the actual work: the judgment about what to make, what to leave out, and what to refuse.
This is uncomfortable for a profession that has spent decades selling files. The bill of materials looks thin without them. But the file was never the work. The file was the receipt.
What clients have always been paying for is harder to itemize. The reading of the room. The sense for which version of the question is the real one. The willingness to say the smaller, more specific thing instead of the larger, more impressive thing. None of that shows up in a folder.
The studios that survive this transition will be the ones that can name what they sell without pointing at a deliverable. The ones that can't will keep producing files until the files are worth nothing, and then wonder where the work went.
It went where it always was. Into the judgment. The file was always downstream.