2. It could lead to companies re-evaluating whether all their projects are worth it. Anecdotally, I have heard of some automation projects being cancelled as manual workers in other countries are cheaper.

If you look at the job market as a commodity where companies are on the buy side and workers are on the sell side you could say that the price of the commodity spiked suddenly. Whenever that happens I'm usually wary of the corrections that surely follow.

That could mean mass layoffs in the future when companies realize the commodity isn't worth that much. It could mean business closings due to lack of purchase power to compete. It could mean inflation to adjust the purchase power.

Again it's all speculation. And it's derived from risk tolerance. If you like risky investments it makes sense to try to capitalize and sell your labor for the most you can. I can't blame you.