It already has a social impact on the people’s whose intellectual property was pirated, the employees traumatized by nsfw filtering tasks and the reduction of white collar junior recruitment (probably non junior too?). I know some people think it’s just a bubble, companies are waiting to see what happens and the job market will recover. I am doubtful of it.
My tech company is pushing us to use it so they provide the top tools. From what I have observed, I have little doubt it will replace a lot of the designing, engineering, coding and communication time. Yes, you will still need some knowledgeable person to guide and review, but less than before. Similarly to how you need less people to build a car today than you did in the 50’, and even less for an electric car, because so much more is automated.
So far automation and the internet did create more better paid jobs than it destroyed, maybe it will happen with “AI” too, but I am skeptical.
Finally, in my opinion, UBI and work time reduction with equivalent quality of life is a desirable future.