Most of our economy is powered by human consumption, humans making things to sell to other humans, that then either transform it further and sell it to other humans, or consume it directly. I don’t think an AI needs to buy millions of iPhones a year, or consume millions of metric tons of grain each year, or buy luxury cars so they can show them off to their AI friends.
At best an AI might use all those resources to build out further compute and expand its own capabilities. But at that point nobody should be worrying about competing in the labour market, they should be worried about AI making our planet unliveable for carbon based life.