It's the equivalent of outsourcing your job. People have done this before, to China, to India, etc. There are stories about the people that got caught, e.g. with China because of security concerns, and with India because they got greedy, were overemployed, and failed in their opsec.

This is no different, it's just a different mechanism of outsourcing your job.

And yes, if you can find a way to get AI to do 90% of your job for you, you should totally get 4 more jobs and 5x your earnings for 50% reduction in hours spent working.

Maybe a few people managed to outsource their own job and sit in the middle for a bit. But that's not the common story, the common story is that your employer cut out the middle man and outsourced all the jobs. The same thing will happen here.