> It is also a proposal in which he gets to be the one doing the distributing. Feudalism with better branding.

It's worse than feudalism. Feudalism is essentially a contract, an unfair one yes, but both parties need something from the other. The Lord needs the peasants (or vassals) to provide labor and soldiers for conflicts. But in this hypothetical world, the elite no longer need anything from the workers, the workers are completely dependent on the altruism of those who control all the resources, and that is not a stable place to be.

Of course that assumes that AI produces massive productivity gains. But if it doesn't, then we'll see a different kind of economic collapse when the bubble bursts. So we lose either way.