Yeah, for this analogy to work, we’d have to see AI causing a small but consistently doubling amount of lost jobs.
We can also look at the tools, which have improved relatively quickly but don't appear to be improving exponentially. GPT-4 and GPT-4o came out about a year after their predecessors. Is GPT-4o a bigger leap that GPT-4 was? Are GPT-4.5 or 4.1 a bigger leap than GPT-4 was? I honestly don't know, but the general reception suggests otherwise. The biggest leaps recently seem to be making models that perform roughly as well as past ones but are much smaller. That has advantages from the standpoint of democratization and energy consumption, but those kinds of improvements seems to favor a situation where AI augments workers rather than replaces them.