If we’re lucky we will be their well-cared-for pets. But what kind of existence is that?

Sounds pretty good actually. Better than having to fend off by ourselves in an uncaring world. Really, it might free people to look for their own meaning rather than competing just because that's the only way to get by.

The issues I see are none of that, but rather if we'll even be allowed to benefit from the benefits of AI or they will be hoarded by corporations while we are left to starve for our uselessness.