It doesn’t take massive intelligence to sit on all the capital and charge rents. The owning class isn’t going to just give up control because the AI could run things better than them.
Generating above market returns on capital is probably the most competitive arena ever. Why do you think CEOs make so much money? They typically are not the ones that own the capital. They are the people the capital owners pay extremely well to maximize their returns. If it didn’t matter who they picked they would just pick someone and pay them a few 100k and keep the rest.