That leaves literally everyone else holding the bag in regards to judging the industries actions and holding it accountable for transgressions. I'm not sure how that will work out, but I'm not terribly hopeful...
We already know that we are unable to hold industry accountable for unethical action. How many times did we scream about Facebook's increasing privacy abuses? How many times do people talk about being uneasy because Google knows where their flights are, where their home is, where their favorite restaurants are, even if it was not told explicitly. And, despite all the complaints, the industry giants committing the worst atrocities remain the biggest giants. It's because violating the rights of your users makes you competitive, and the users can't tear themselves away from the increased power that it lends the features.
We need to accept that when AI arrives, we're not going to have very many controls over what it does. Regardless of how terrible the implications might be, we're going to be about as effective at stopping the arrival of AI as we have been at stopping the arrival of global warming. We need to prepare for a post-AI future and just accept that it's going to be invasive and have relatively little regard for human ethical concerns, and instead be focused almost entirely on the things that make it competitive.
I don't see how AI is going to suddenly make us capable of ethical reasoning on a large scale... unless... maybe AI could do the reasoning for us...