That's the misconception. AGI is very unlikely to happen in our lifetimes due to prohibitive physical limits. But you don't need AGI to disenfranchise more or less 90+% of humans.

I find smarter people tend to broadly overestimate human potential. We are unreliable, tire, are often untrustworthy, make mistakes, are subject to emotions, prone to illogic and irrationality, etc. We're a very suboptimal entropy-reducing machine relative to the forms of purpose-built AI and robotics that will be possible within the next 20 years. It's a shame people aren't more alarmed about this.