You? Might not obey when they tell you to kill billions. You? Might not agree that the "best way forward" is dozens and dozens of genocides so Elon Musk and the boys can keep growing their wealth.
But a computer? Programed BY guys like Elon Musk? That doesn't now anything about right and wrong except what guys like Elon Musk told it?
It'll comply with that just fine.
So it IS an existential threat because replacing PEOPLE with PROGRAMS is how you get away with genocidal fascism.