And it absolutely will, and at virtually all levels except manual labor where it's really impossible, at least with current other technology, to "robot-ize" what's being done.
I have been saying for decades that the foundations necessary for capitalism to be successful have been slowly crumbling, and the AI revolution will push the "rate of crumble" through the roof. When things get to the point that a huge swath of the workforce can be replaced, we arrive at a place where the very concept of "working for a living" no longer makes any sense for the vast majority rather than a small minority.
A new economic system is, slowly but surely, going to arise out of necessity and that can either happen "as smoothly as possible, with cooperation of all (or most) involved," or it can end up being a "bloody social upheaval." Sadly, I think the latter is more likely than the former. I'm just glad I will most assuredly be dead long before the situation comes to a head.