The concern is not whether AI in its present state can replace all the human judgment a financial analyst might be able to provide. The concern is whether passing the CFA exam is meaningful if it shows that you can do what AI can do.

Passing the exam does not show that one has human judgment or skill that is beyond what AI can do, so claiming that a good analyst has those skills is not a defense of the exam. It might be a defense of analysts who have that skill - a skill not tested in the exam.