Why not? Why can't efficiency be realized into less work? Why do you believe it so preposterous that someone else than the already wealthy should reap the rewards?
But it has (almost) never happened before. It is very unlikely it will happen now. More likely outcome is companies pocketing profits. Unless the unemployment is so high that the government needs to step.
I honestly think it’s a bit naive to think this time it will be different
Ah, but it has! The New Deal era ~100 years ago is the one to look at. We've fixed this before, we can fix it again.
But we might not. The billionaires moved early; we have over two years until the next presidential election and a speeding AI train that seems on-track to deliver exactly the right amount of economic displacement by then: enough to convince people to act boldly, but not nearly so much as to achieve a worst case. That's no guarantee of success but the good path has substantial probability weight.