That's a part of it, but the proletariat are useful idiots, too. They can take the Anti-AI sentiment to get them to back "anti-AI" representatives and senators.
Those legislators will support AI "regulation" written by-and-for the top-companies in the industry.
This will make it incredibly cost-prohibitive for anybody to enter the AI industry new, and cements the top companies at the top, while the smaller companies run around spending every last cent they've got to meet the regulations...and when they fail, they will be scooped up by the big cats.
Don't be surprised if you start seeing the big guys supporting (or, at least, not disagreeing with) policies that initially seem counter to their interests. It's a long game thing.
That's my prediction, at least...based upon, well, nearly every other industry that everybody hates.