If we wanna go full-on Marxist analysis it is an attempt of the capitalist class to finally rid themselves of their dependence on labor and their pesky demands like sick leave and fair wages.

Through that analysis, one can also explain why the managerial caste is so obsessed with it - it is nothing less than an ideological device. One can also see this in the actual deification happening in some VC cycles and their belief in AGI as some sort of capitalist savior figure.

I see the point and don't disagree with it, but I find that framing is not the most compelling to the audience here...

Yeah. Oftentimes get crickets here when I talk along those lines. Can't tell if apathy, learned helplessness, or obliviousness. Regardless, devs seem like an extremely docile labor group based on how they react to this and other economic pressures.

This is correct at the firm level and breaks down at the aggregate level, which is where it gets interesting.

At the firm level, automating away labor costs is obviously rational. But capital in aggregate can't actually rid itself of labor, since labor is where surplus value comes from. A fully automated economy would be insanely productive and generate basically no profit. So the capitalist class pursuing this logic collectively is, without knowing it, pursuing the dissolution of the system that makes them the capitalist class.

You don't have to buy any of that to notice the more immediate mechanism though: AI doesn't need to actually replace workers to discipline them. The credible threat of replacement is enough to suppress wages, justify restructuring, and extract more from whoever's left. That's already happening and requires no AGI.