Depends what you mean by "reap the benefits". When something is in overabundance, its economic value is zero. Of course, we still have that thing, which is abundant. This abundance will destroy industries, no doubt about it.

The risk is that AI may wipe out its only source of data (us creating it) because it makes it economically infeasible for us to produce it any longer. Then we'll be stuck in a loop of mediocrity until eventually it all fizzles out.

It's ab bit as if AI as "communism for thinking/creating". Everything is everyone's and no one's and and it's not scarce. But also we know all the problems that come with that lack of a real economy.