Professional work has value before somebody decides whether they like it.
Speculative work becomes a problem when organisations expect designers to solve a real commercial problem without paying for the effort, while retaining the ability to benefit from the thinking.
Tradition does not make that arrangement reasonable.
Not every pitch is spec work
A credentials presentation is not speculative work.
A conversation about your approach is not speculative work.
A paid discovery engagement is not speculative work.
A limited demonstration of relevant capability may be reasonable.
The question is whether the organisation is assessing your ability or extracting unpaid professional work.
Ask what is being requested
How many teams are participating?
How much work is required?
Is there a pitch fee?
Who owns the work?
Can ideas from unsuccessful teams be used?
What criteria determine the decision?
What budget exists for the final engagement?
Will the people pitching actually work on the project?
If the process cannot answer reasonable commercial questions, treat that as information.
Do not fake discovery
Serious design requires context.
A pitch team without access to users, evidence, technology and organisational realities has not solved the problem.
Do not pretend otherwise.
Demonstrate how you think.
Do not perform certainty you have not earned.
AI does not make professional thinking free
Generative tools can reduce production cost.
They do not remove the cost of understanding the problem.
They do not remove the value of experience.
They do not remove accountability.
"It only takes a prompt" is not a serious argument for unpaid expertise.