Hit the nail on the head, at least as far as my concerns go.
Security is a constant issue with humans writing code. Do we really want an "AI" that understands neither code nor security spitting out snippets of code to pasted into network services?
If Copilot ever becomes truly popular it's going to be an absolute security nightmare both from the code it suggests (just bad code, GIGO as you say), but also because adversaries will be gaming it by posting bad code for it to pick up and "learn" from.