The horrors of the automation revolution have been on our collective mind for a long time. In the '70s this was one of my dad's favorite jokes: "It's terrible, my father lost the job he had for decades. He was replaced by a clever mechanical gizmo just six inches long. And then my mom got one." It plays on the fear of being emasculated by technology. Maybe that leads us to exaggerate the threat.
Ted Chiang made a similar point a few years back. (well not that phallic, but also about psychological projection as a reason for the AI fear) "This summer, Elon Musk spoke to the National Governors Association and told them that “AI is a fundamental risk to the existence of human civilization.” Doomsayers have been issuing similar warnings for some time, but never before have they commanded so much visibility.[...]A…
The mistake here is the nature of capitalism. In reality, when you see a bunch of companies beginning to turn everything into "a field of strawberries", something is going extremely right. Why? Because capitalism is working based on needs, and it means it found a way to satisfy a very deep (or very wide) need. At the end of the long chain there are people that are more satisfied with their lives than before.
As for being afraid of this? Hogwash. In nature every exponential curve is the beginning of a logistics curve. And the more complex the system, earlier the curve flattens. If you burn a forest it'l taper only when it has nothing left to burn. If you try something similar in a human society, it will find blockers long before that.
And that's why we should be more afraid of AI - there is the chance (small, true) that to an AI our society is as uncomplicated as a dry forest, and the feedback mechanisms that hold us in place just don't apply to it.