The effect of automation goes beyond replacing labor. Narrow AI is being toyed with for the creation of paintings, music and poetry. It is being used for copy writing and website design. It is used to feed information to humans via recommendation engines. It is used to interact with humans on a massive scale through smart agents. It is/will be used to replace human doctors, judges, credit evaluators, farmers, etc. What is left? The work we enjoy doing? Of course not, human labor is expensive, that is the PRIMARY reason that narrow AI has been deployed by industry.
For each type of job/skill that is being automated the effect on our society will be different. We, and especially ML/AI researchers should wonder what the use case is for strong intelligence that actually warrants the complete redundancy of the human race. I think there is no such use case, not one which cannot be fulfilled by a combination of narrow AI methods that can be easily controlled. AI should augment human intelligence, not replace it.
Just think of the effect of automated sock puppets, autonomous trolls who manipulate the public opinion, I am sure that it was developed at some point to improve our lives. A skynet-scenario is literally the last thing we have to worry about when it comes to AI.