'Spec' Design, Crowdsourcing Controversy

How harmful is crowdsourcing to the designers?  Really, should only 'professional' designers have the right to sell photos, create clothes, and have a say in other creative ventures!

It would be naive for me to take a firm position based on reading a few articles/blogs/web sites, but clearly this is a hot topic for designers.  Organizations such as NO!SPEC are adamant that designs should not be created 'on spec'.  Designer and blogger Steph Doyle defines designing on spec:

• "This practice occurs when a designer presents a concept or idea that hasn’t been paid for in hopes of winning a pittance for their effort.  Spec work has become a major force in devaluing the perception of graphic design in the business world and the major players involved in accelerating this practice are the novice designers themselves."

Now, I am not sure if this is a completely black and white issue.  How can soliciting a community for a design be such a sin?  There has proven to be a market for this type of work.  Yes, this does drive down the prices of career professional designers, but does that mean it is inherently wrong?  How will the variance in overall quality of crowdsourced content affect the design profession?