abusing summon component?

[newguydude1]

"You conjure the material component or components for a single spell that you can cast."

if you can cast fabricate, you can pretty much create anything for 1 round as long as it costs 1gp or less. 2 rounds with extend spell. 24hours with persistent spell.

so... i think theres a way you can abuse this somehow. my creativity is failing me though. how to abuse the ability to make any 1gp thing or less?

[Evoker]

The same way you abuse a spell component pouch, but with more steps and resources expended?
That really seems to be a incredibly garbage spell without cheese. "Yeah, I'll spend a spell known and a first level spell slot in order to replicate the effect of a universally available feat or a 5 gp item"
And even with cheese, it is worse than a spell component pouch (the aforementioned 5gp item).
Am I missing something? Why on earth is this a first level spell? I would have thought it would be a cantrip at the very least.

[daremetoidareyo]

Good way to get snow for snowcasting feat. Add ice subtype to any spell

[Vizzerdrix]

I would use it to fuel coral growth. Then with black sand to get lots of said sand for free.