The most notable thing about AI right now is that it's the new widget. The economy wanted it, the zeitgeist wanted it, and for
that purpose no more development is necessary. It's already reshaped McKinsey's advice, Microsoft's operating system and the public's trust in the exceptionalism of art creation.
take Auto-Tune: before it blew up, one uncritically accepted that a great sounding vocal performance was simply that. The mere existence of the tool broke a covenant with the public -- artists could assume good faith on behalf of listeners once, but no more.
Similarly, AI's chief effects are likely to be cultural first, and material second. They've already broken the "spell" of the creator. Seemingly overnight, a solution to modern malaise (choice fatigue, lack of education, suspicion of authority) has colonized the moment.
In this sense, one-percenters "seizing power forever" really have found the best possible time to do so -- I can't recall a time where the general populace was this vulnerable, ill-informed, traumatized and submissive.
That the underlying tech barely works (maybe that will change, but I predict it won't) doesn't really matter.
I don't generally support overly regulatory regimes, but in this case I think existing thinking around monopoly (particularly as it affects the psyche of the aspiring American) is sufficient to indicate something needs to happen