A similar concern has sparked some worries about "AI overhang" https://www.lesswrong.com/posts/75dnjiD8kv2khe9eQ/measuring-...
Most of the compute in ML research seems to be going into architecture search. Once the architecture is found, training and net finetuning/transfer learning is comparatively cheap, and then inference is cheaper still. This implies we could see 10-100x gains in AI algorithms using today's hardware, or sudden surprising appearance of AI dominance in an unexpected field. (Object grasping in unstructured environments? Art synthesis?) A task could go from totally impossible to trivial in a year. In retrospect, the EfficientNet scaling graph should have alarmed more people than it did: https://learnopencv.com/wp-content/uploads/2019/06/Efficient...
Waymo has been puttering along for years, not announcing much of interest. This may have caused some complacency about self-driving cars, which is a mistake. Algorithms only get better, while humans stay the same. Once Waymo can replace some human drivers some of the time, things will start changing very quickly.