Important Considerations

Hallucinations

The most important issue is that ChatGPT says wrong things that look very real and true
You get used to those and have a sense what is true and what is not
Principle - imagine how many times it was mentioned on the internet. Like people learning something.
Kid on a tennis court

ChatGPT has been trained on pretty much the entire web, which means it ingested copyrighted materials. Which means the output will have a mix of copyrighted materials, and you are at risk if publishing this content.

If a third party frivolously sues Microsoft, even without basis, just for sport, in connection with your AI-generated product, you must cover the costs of Microsoft's legal defense in that case.
For example, you use AI to create a character in a video game, the game is successful, but Disney notices that your character resembles Mickey Mouse and they start to sue Microsoft.
The bill for Microsoft's legal defense could be charged to you. This could amount to millions, only to later find out that your character is more of a cat than a mouse, justice prevails, and in the meantime, you go bankrupt.

ChatGPT is generally not private, which means any data you write in chat may appear in some other person’s chat around the world at a later time.
There is an option to be private, but you have to turn off all your chats
ChatGPT Team is “private”
Also, by default all prompts that go through API are private and will not be used for training the model.
Real privacy if you deploy model on Azure