The current presumption that generative AI will replace workers is smoke and mirrors, though the response by upper management does show the degree to which they would love to replace their human workforce with machines, or replace their skilled workforce with menial laborers doing simpler (though more tedious) tasks.
If this is regarded as them tipping their hands, we might get regulations that serve the workers of those industries. If we're lucky.
In the meantime, the pursuit of AGI is ongoing, and the LLMs and generative AI projects serve to show some of the tools we have.
It's not even that we'll necessarily know when it happens. It's not like we can detect consciousness (or are even sure what consciousness / self awareness / sentience is). At some point, if we're not careful, we'll make a machine that can deceive and outthink its developers and has the capacity of hostility and aggression.
There's also the scenario (suggested by Randall Munroe) that some ambitious oligarch or plutocrat gains control of a system that can manage an army of autonomous killer robots. Normally such people have to contend with a principal cabinet of people who don't always agree with them. (Hitler and Stalin both had to argue with their generals.) An AI can proceed with a plan undisturbed by its inhumane implications.