IMO Jensen and others don’t know where AI is going any more than the rest of us. Your imaginary dystopia is certainly possible, but I would warn against having complete conviction it is the only possible outcome.
Absent some form of meaningful redistribution of the economic and power gains that come from AI, the techno-feudalist dystopia becomes a more likely outcome (though not a certain outcome), based on a straightforward extrapolation of the last 40 years of increasing income and wealth inequality. That trend could be arrested (as it was just after WW2), but that probably won't happen by default.