That's massively moving the goalposts on what counts as "an existential problem." The original framing was not economic dislocation but actual existence, i.e. existential. This new framing is a retreat to a way-of-life argument.
And I'm still calling baloney! The "AI will kill us all" argument backfired on Altman et al, so now we have an "it'll take over all the jobs" pitch. But it's all smoke and mirrors for investors. We have no good reason to expect current AI methods will lead to an AGI that can not only do most human labour, but do so economically competitively.
This has become some kind of truism that has little actual evidence. It was said it would happen in 2022, 2023, 2024, 2025, and is still being said but it isn't true. The models got better this year but they've always gotten better. And none of the recent improvements have been as dramatic as say GPT3 to GPT4. I feel crazy. People are saying the sky is falling but every researcher or person who analyzes these issues professionally says the opposite.