It has, but instead of workers getting better hours CEOs just get more money

We have different forms of such tech for a century now. For most people it reduces the work load to zero, as in they get fired. All the while one person (with this new tech) has to do the work of many and their load doesn't get reduced. Finally, the person not doing any of the work, the owner, pockets the extra profits.

We've had over a century of continuous development of technologies that effectively work as a force multiplier in terms of work done per person. The current "AI" craze just being the latest of those.

At every point, business had the option of using this technology to improve the work/life balance and improve overall the lives of people, or improve the size of their bank accounts. They have always chosen the latter.

AI, if it improves threatens to be the straw that breaks the camel's back here. It cannot replace all human workers, but it can certainly reduce the demand for them (and thus how much they need to pay those that remain).

Now, I'm not going to say we're at the point where capitalism cannot function any more. While society needs work done by humans. There will still be a place for the carrot on a stick method it provides, and I'm yet to be convinced there's a better way to achieve this. But I do think capitalism needs to be heavily regulated to prevent this wealth accumulation by so few that could never in a million years spend all their winnings. This is the primary failing with the system, and all the other problems stem from this accumulation culture.

It has, now one person can do the work of ten... so now there's only one job, where there used to be ten.