It's that, but more too.

Data-centres are being built at an astonishing rate, but frequently without the informed consent of locals and in a way that's a nuisance. It's possible to build data-centres that recycle water with near perfect efficiency, but many guzzle local water continuously because doing so is cheaper. They can be built to be quiet, but many are built so poorly that they seemingly violate noise pollution laws, which are magically not enforced. Those building data-centres could also build their own power generation capacity but, more typically, they rely on the local power grid and drive up prices. An immense amount of new GHG emissions is directly attributable to AI right when the world needs to be cutting back. There's also the immense sucking up of RAM and chips that has made computer hardware unaffordable for many.

That is a lot of negatives being absorbed by everyone before you even talk about the impact on jobs or where the profits are going. Regulatory capture may be working for now, but people are going to push back if they don't start seeing benefits for them personally or their communities. AI companies seem to be so preoccupied with driving each other out of business that they may completely lose their social license to continue operating.

Behave like criminals and, sooner or later, you'll be treated like criminals no matter who you have in your pocket.