Today it's being used to swap faces; arguably you can do that with PS, but this tech goes way beyond a simple still-image face swap.
The swap is a "reconstruction" of the face at multiple different angles, taking on the characteristics of the original facial movements, tilt of the head, etc. In a video - way beyond what would be easily possible using PS or other "manual technology".
But today - it's just a face. However, nothing says that an entire person's body couldn't be swapped in the future. Nor that the system couldn't "dream" new scenarios for the background, etc.
Or that it could be done real-time, with full-on voicing in the other person's voice, etc - looking, doing, and saying things they never said - perhaps even in a place they've never been.
In the future, you could easily take someone else's entire person, and have them do jumping jacks in your living room while singing Jingle Bells - and it would likely look like an original video.
The only reason it's not being done now is the amount of processing power that would be needed to do it; gobs more than what most people can afford (along with the time and power needs - just note that for some of those facial swaps it takes hours of processing on a decent system for just a few seconds of video).
I'm not saying this tech is evil or should be banned, however; I think the tech is very neat and can open up some exciting possibilities for future products and uses. To that end, it's exactly like Adobe Photoshop, which is why it should be explored and played with, rather than banned.