I don't think I know enough to be afraid. I know one thing, the request for oversight is unprecedented. What independent company has ever asked to be regulated by the government? That was insane to me. Congress is not tech savvy, and to be fair in this case maybe no one but the creators are, and when was government ever efficient. If they are afraid why not just slow down and make sure you're doing things correctly. In contrast look at all the regulations being rolled back these days, I don't see any coal plant saying, no thanks, we'll just keep working to make emissions cleaner.
What scares me the most is AI giving a wrong answer like the time the U.S. was about to attack a Chinese ship based off AI information. Thankfully that error was caught. I only use AI occasionally for answering a question, sometimes it's a lot of help and others it's wrong. It's as if it has two personalities sometimes.
Let me give you an example that just happened today. I found a song on YouTube, the title was Chasing The Sun, 1970's British Progressive Rock uploaded by Linger Records. I asked Chat who did the song. Upon request I fed it the length of the song, the entire title and other test I could find and finally the actual link. With all of that AI failed to detect the song itself was generated by AI.
I did read something about AI being used to make viruses that is scary.
I don't believe some conspiracy theory a U.S. company would intentionally try to slow down to allow some other country to overtake what they are doing.