And let's remember that Agent Smith is itself attempting to take over the world.
In that case, it's presumed it was indeed a massive extinction (but no data to quantify any % over, due to no microbial fossils preserved).
... But for a different reason. It wasn't due to decrease in oxygen levels; contrary to that. At that time, oxygen was being first ever introduced into the atmosphere. This has left a unique geological trace we observe everywhere across the planet: the white sedimentary + red rust striped 2 Ga rocks.
The "microbes" were the first photosynthesisers. The oxygen was a toxic byproduct. Resistance to it had to be learned by evolution, and that learning took ~1e8 years. Many of life didn't manage to and went extinct.
I think this pattern of exponential growth of human beings is a curse of their intelligence. All other animals end up being controlled by these large ecosystem dynamics because they can't adapt and/or do group work sufficiently. Species with this property are easily influenced/controlled by large scale dynamics.
Maybe, a species with more intelligence than us wouldn't grow so fast and unorderly because they can see the future consequences of their own dynamics more easily. We just happen to not deal with large temporal scales very well.
Yet people breed anyway, for a multitude of selfish reasons. Everyone else is having babies so why shouldn't I, it's my right as a human to reproduce, I want to pass on my genes, I want my life to be fulfilling, I don't want to die alone, the list goes on. It is these lines of thinking that have caused our population to balloon to over 7 billion people with no end in sight.
No one is thinking of the planet.