The cost/benefit for the labor/middle/low classes is at best low right now. I define that as someone who needs to trade time to continue surviving as an ongoing concern even if they have some wealth behind them.
I think the outcome where any form of meritocratic society gives way to old fashioned resource acquisition based societies is definitely one believable outcome. Warfare, land and resource ownership - the old will become the new again.
But my main argument is against the notion that this technology is the same as the ones that came before it, and that it will undoubtedly lead to a net better future. I think that is far from certain, and the way things are developing only leads me to believe that we're not ready for what we're building.
The difference with past technological breakthroughs is that they augmented what humans could do, but didn't have the potential to replace human labor altogether as AI does. They were disruptive, but humans were able to adapt to new career paths as they became available. Lamplighters were replaced by electrical lighting, but that created jobs for electrical engineers. Carriage drivers were replaced by car drivers; human computers by programmers, and so on.
The invention of AI is a tipping point for technology. The only jobs where human labor will be valued over machine labor are those that machines are not good at yet, and those where human creativity is a key component. And the doors are quickly closing on both of those as well.
Realistically, the only jobs that will have some form of longevity (~20 years?) are those of humans that build and program AI machines. But eventually even those will be better accomplished by other AI machines.
So, I'm really curious why you see AI as the same kind of technology we've invented before, and why you're so confident that humanity will be able to overcome the key existential problems AI introduces, which we haven't even begun to address. I don't see myself as a pessimist, but can't help noticing that we're careening towards a future we're not prepared to handle.