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The problem you're describing has been described countless times before. Plato talks about it at length. It's literally the basis for 1984.
So, the answer is yes.
The good news is, it's part of a cycle of revolution and enshitification. Things get bad, the masses decide they've had enough, and strike back, things get better for a while, until they follow the same path they did the first time, and the cycle repeats.
But.
Every time it happens, things get a little worse. The relentless march of time and enshitification will gradually consume the planet, until human civilization collapses entirely. Maybe in our lifetime, maybe in 200 years, maybe in a 1000. But some day, all we've built will come crashing down around us, because while each individual may have foresight, society does not.
I'd argue that each time, things get a little better.
Sure the worst part is always the worst we've ever seen, but we take what we learned from that and create new systems. Plan A starts well enough, until money and power corrupt it, it gets bad enough to revolt and now we try plan B. Plan B will eventually corrupt, but, it's better than plan A ever was. We're getting closer, but it's a trial and error process that happens over centuries, so it's going to take longer than we'll ever know.
I disagree. The world now is still dealing with issues that technology has eliminated. No one has to be hungry now or thirsty or homeless or sick (mostly). No, now meeting needs is setup behind a paywall with artificial barriers.
I think we're on the same page actually. Currently, shit is fucked, and it's well past time for a reset. I'm ready for the next, better (but probably still not quite perfect) system.
It gets worse? So you’d rather live in Victorian England? Is that what you’re saying?
I've heard that it's easier to grow in power or money when you don't consider ethical questions while rising above others (as long as you either follow laws or don't get caught while not following them).
And since humans seem to be an animal that corrupts easily (especially when given enough power/money)...
Makes me wonder - when do I corrupt? How? And if/when I will, will I even notice it myself?