Sadly capitalism rewards scarcity at a macro level, which in some ways is the opposite of efficiency. It also grants "social status" to the scarce via more resources. As long as you aren't disrupted, and everyone in your industry does the same/colludes, restricting output and working less usually commands more money up to a certain point (prices are set more as a monopoly in these markets). Its just that scarcity was in the past correlated with difficulty which made it "somewhat fair" -> AI changes that.
Its why unions, associations, professional bodies, etc exist for example. This whole thread is an example -> the value gained from efficiency in SWE jobs doesn't seem to be accruing value to the people with SWE skills.
There is also a chance that a lot of this capex is written off, and the money becomes "sunk". Bad for the current players, but given inference costs as you mention are profitable, after the writeoffs and the market correction the industry continues on variable inference revenue.
The catch is you probably only want to be invested after any writeoffs/corrections if that is your hypothesis. i.e. the future may be AI, but it isn't a straight line, nor is it guaranteed that the current players will be the future AI company of choice. You can be right about the end state and still lose your shirt in between with markets.
I think you can enjoy both aspects - both the problem solving and the craft. There will be people who agree that of course from a rational perspective solving the problem is what matters, but for them personally the "fun" is gone. Generally people that identify themselves as "programmers" as the article does would be the people who enjoy problem solving/tinkering/building.
I'm not sure where construction and physical work goes into your categories. Process and chores maybe. But I think AI will struggle in the physical domain - validation is difficult and repeated experiments to train on are either too risky, too costly or potentially too damaging (i.e. in the real world failure is often not an option unlike software where test benches can allow controlled failure in a simulated env).
This is what I think as well. Unfortunately for the AI proponents they already made an example of the software industry. Its on news reports in the US and globally; most people are no longer recommending to get into the industry, etc. Software for better or worse has made an example for other industries as to what "not to do" both w.r.t data (online and option), and culture (e.g. open source, open tests, etc).
Anecdotally most people I know are against AI - they see more negatives from it than positives. Reading things like this just reinforces that belief.
The question of why are we even doing this? Why did we invent this? etc. Most people aren't interested in creating a "worthy successor" at best that eliminates them and potentially their children seeing that goal as nothing but naive and dare I say it wrong. All these thoughts will come from reading the above for most people.
Its why unions, associations, professional bodies, etc exist for example. This whole thread is an example -> the value gained from efficiency in SWE jobs doesn't seem to be accruing value to the people with SWE skills.