Also, what is the licensing status of the code written with this tool? What does the fine print say?
It says you own the code when you selected it.
There are however some interesting arguments about how Copilot uses software that has one license, but you may use the code under a different license.
Most of the code I see copilot create is more autocomplete style, rather than writing sections or even functions. Although it can produce larger portions of code and in some cases complete apps like the Tic Tac Toe example.