I grew up in a family of scientists and professors. It's really disheartening to see how much trouble it is to make a living nowadays. My grandfather was an entomology professor, and was able to support a wife, 3 kids, and a nice house though they were no means wealthy. If you can't support yourself or a family in 2023 working in academia, why would anyone pursue it as a career?
And this will lead to the a stagnation of science if the best and brightest disincentivized from participating.
No, the science will take place in private companies, and the result is they will have even more control over society than before. Think of all the psychology employed at social media companies to get people hooked on social media, whatever the cost - even if the cost was functioning society itself.