We really can't help but let our imagination run wild when given the opportunity.
Reminds me of Y2K.
Are there going to be myriad material challenges we will need to face as this incredible technology unfolds?
Of course. Economic displacement, education reform, etc.
Are they existential, though? I don't see it. These are "standard fare" problems for post Enlightenment societies to deal with, even if they are real challenges.
We already have serious tangible existential threats we should be focusing on between things like climate change, ecological collapse, population decline, and pandemic risk.
I wish we could stay focused on the problems that are real instead of getting distracted by the problems that are imagined.