It's not the only cause, but it is almost guaranteed that it is a factor.
People forget that disruption has a real negative impact on those being disrupted, and not all of them can recover from it.
Technology makes it so more labour can be done with fewer humans, which increases competition for limited work, so capital owners can justify paying less for those jobs as long as they can find enough people willing to work for that amount.
You can blame capital owners for being greedy, and you should, but increasing technology is a major tool they are using to feed that greed.
Since there are negative effects as well, in our imperfect world, I can understand the nay-sayers. But that has never stopped anything.
It probably depends on how long your lifetime has been so far, but I can think of a few things that are greater technological developments than this in my lifetime. Integrated circuits, for a start.