So pretty much what has already been happening for the last 150 or so years.
I think you are right that AI is just an excuse to get rid of labor. The truth is they want all the money without paying anyone because they are just greedy fucks. This is the perfect excuse.
Uhh, laid people off because "AI". The truth is they are just going to experiment with how many people they can lay off. Once again, can't blame the person laying everyone off because everyone knows it is all imaginary AI's fault.