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algorithms, machine learning or not, are already better than people at many things. the main problem is that the current machine learning algorithms are limited to pretty specific domains and it's a pain to teach them how to learn new things unless you have lots and lots of data. the next big leap for AI would be creating an algorithm that learns how to learn. this means that AI entities would eventually be able to replace all the engineering jobs that were used to create the ai itself, as well as continue to progress at a much faster rate than humans due to various advantages computers have over human intellect.
so what will you do with your life if AI powered algorithms and robots can do anything you can do but better?
i'll only answer that question for myself. i'm mostly motivated by my ability to design and create things. when i first thought of this question, i felt a little hopeless because anything i create wouldn't be nearly as good as something created by AI. after thinking about this question more, i realized i can still create unique things and that's what matters. an AI could never have some of the original thoughts i have, because the possibilities of ideas are endless.
so no need to worry. as long as AI coexists with humankind instead of eradicating us all, i still have a reason to keep trying in this possible future.