This is an argument based in Luddism.
Looms where not a net positive for the craftsman that were making fabrics at the time.
With that said, looms where not the killing blow, instead an economic system that lead them to starve in the streets was.
There are going to be a million other things that move the economics away from scarcity and take away the profitability. The question is, are we going to hold on to economic systems that don't work under that regime.