There is a machine learning bubble, but the technology is here to stay. Once the bubble pops, the world will be changed by machine learning. But it will probably be crappier, not better.
What will happen to AI is boring old capitalism. Its staying power will come in the form of replacing competent, expensive humans with crappy, cheap robots.
AI is defined by aggressive capitalism. The hype bubble has been engineered by investors and capitalists dumping money into it, and the returns they expect on that investment are going to come out of your pocket. The singularity is not coming, but the most realistic promises of AI are going to make the world worse. The AI revolution is here, and I don’t really like it.
It’s literally baked into the models themselves. AI will reinforce kleptocratic capitalism and kakistocracy as you so aptly put it because the very data it’s trained on is a slice of the society it resembles. People on the internet share bad, racist opinions and the bots trained on this data do the same. When AI models are put in charge of systems because it’s cheaper than putting humans in place, the systems themselves become entrenched in status-quo. The problem isn’t so much the technology itself, but how the technology is being rolled out, driven by capitalistic incentives, and the consequences that brings.