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If you can play modern games, you can probably run a local LLM. The more VRAM the better it'll go.
For ethics, there's two issues. The first is power consumption. Running a model locally isn't consuming any more power than running a game that fully pushes your system. It's not really a concern.
The second issue is content generation. It's all created through the theft of content others have made. There's no getting around that. As far as I'm aware there are no ethical models that specifically have not stolen content. If you're just using it to chat with or whatever, I think it's fine. You probably aren't taking work from anyone, at least to any degree more significant than piracy. If you're generating stuff to be distributed, then you're distributing stolen work. If that's ethical or not is up to you to decide.
No, there's seven main issues.
I feel like this question is asked in bad faith if you are able to list seven "main" ethical issues here. I don't know if I could list seven different issues that aren't just breaking down power consumption and content theft into smaller pieces, and I'm pretty anti-AI. I guess you could include hardware consumption too. Financing maybe, but that doesn't play a part in local models generally. Care to explain?
Then you misunderstood the question. Re-read the title?