This has happened before. GUI tools were going to mean less developers with less cost, but it didn’t materialize. Higher level languages were going to cause mass layoffs but it didn’t really materialize. Tools like WordPress were going to put web developers out of business, but it didn’t really. Sitebuilders like Wix were going to do it, too, but they really haven’t.
These tools perform well at the starter end, but terribly at the larger or enterprise end. Current AI is like that. It can help better than I think people on here give it credit for, but it can’t replace. At best, it simply produces things with bugs, or that doesn’t quite work. At worst, it appears to work but is riddled with problems.
I genuinely believe AI isn’t over hyped in the long run. We’re going to need solutions to fix our current way of work. But I feel confident it’s still further away than the people investing in it think it is, and they’re going to be paying big for that mistake.
I love the other comments you made, but I want to point out one other thing: How did those privileges come about? That is, what were the conditions that led to the government taking the power to grant companies de facto monopolies?
In some cases, it was an unintended consequence of political conditions. For example, private insurers came to rule our healthcare system because of a cap on income to raise funds for WW2. In order to get around this cap, employers offered non-cash benefits and the rest is history. Libertarians love this one, it’s pretty cut and dry that a form of socialism shot itself in the foot.
However, there are many other cases where it was an unintended consequence of regulation written in blood. An easy and popular example is the FDA. Making food and adhering to food regulations at scale is definitely something that requires so much up front capital that it has been favoring existing corporations for quite a while, leading to a relatively small number of companies controlling a huge portion of the food supply. But that regulation came about because companies large and small, unfettered and unrestricted, were adulterating the food or cutting dangerous corners to maximize profit. The solution can’t just be less regulation, those same companies will continue to dominate but now with the ability to outright feed us poison while buying or otherwise destroying any competition.