But enough about whether it should be legal to own a Xerox machine. It's what you do with the machine that matters.

The capabilities of a machine matter a lot under law. See current US gun legislation[1], or laws banning export of dual-use technology for examples of laws that have inherent capabilities - not just the use of the thing- as core considerations.

1. It's illegal to possess a new, automatic weapon with some grandfathering prior to 1986

I think the reason for all the current confusion is that we previously had two very distince groups of "mind" and "mindless"*, and that led to a lot of freedom for everyone to learn a completly different separation hyperplane between the categories, and AI is now far enough into the middle that for some of us it's on one side and for others of us it's on the other.

* and various other pairs that are no longer synonyms but they used to be; so also "person" vs. "thing", though currently only very few actually think of AI as person-like

(Standing by for the inevitable even-goofier analogy comparing AI with privately-owned nuclear arsenals...)

Assume for a moment, that the current AI is teaching us that compute transforming data → information → knowledge → intelligence → agency → ... → AGI → ASI, is all there is to Intelligence-on-Tap? And imagine an AI path opens to AGI now and ASI later, where previously we didn't see any. Seems a bad deal to me, to frustrate, slow down, or even forego the 2050-s Intelligence Revolution that may multiply total human wealth by a factor of 10 to 20 in value, the way the Industrial Revolution did in the 1800-s. And we are to forego this, for what - so that we provide UBI to Disney shareholders? Every one of us is richer, better off now, than any king of old. Not too long ago, even the most powerful person in the lands could not prevent their 17 miscarriages/stillbirths/child_deaths failing to produce an heir to ascend the throne (a top priority that was, for sure for a king+queen). So in our imagined utopia, even the Disney shareholders are better off than they would be otherwise.

Why do you assume the emergence of a super intelligence would result in human wealth increasing instead of decreasing? Looking at how humans with superior technology used it to exploit fellow humans throughout history should give you pause. Humans don't care about the aggregate "dog wealth" - let alone that of ants.