Electricity doesn't remove the need for human labor, it just increases productivity. If we produced AGI that could match top humans across all fields, it would mean no more jobs (knowledge jobs at least; physical labor elimination depends on robotics). That would make the university model obsolete- training researchers would be a waste of money, and the well-paid positions that require a degree and thus justify tuition would vanish. The economy would have to change fundamentally or else people would have to starve en masse.

If we produced ASI, things would become truly unpredictable. There are some obvious things that are on the table- fusion, synthetic meat, actual VR, immortality, ending hunger, global warming, or war, etc. We probably get these if they can be gotten. And then it's into unknown unknowns.

Perfectly reasonable to believe ASI is impossible or that LLMs don't lead to AGI, but there is not much room to question how impactful these would be.