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Unless you start out with piles of capital, you have to get paid for doing something in order to pay for things like food. If your labor is worth almost nothing, you will be doing a lot of it in order to cover basic needs. That is only prosperity for people who have the capital to take advantage of low labor costs, for others it is hand to mouth.

There isn't any reason to suppose that demand for engineers and managers will ever come anywhere close to 100% of the working population.

Meanwhile, the advantage of theft, violent crime and the black market improves dramatically as wages decline to nothing.

You are assuming capitalism for everyone which is not a given. Heck it isn't even how things are at the moment. It is increasingly possible to shift the proportion of people paid for labour/capitalism to being supported by the state. If the costs of living go down (a likely consequence of increased automation) then the financial burden would decrease too.

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