That sounds like the "elite overproduction" which is commonly held to be one of the two factors increasing likelihood of a revolution (the other being popular immiseration).
I think that’s a symptom not the disease. Society tends to have a lag between needs changing and the adjustment happening.
Pre-revolutionary France didn’t have too many petit nobles because they were dumb — those folks were a legacy of a bygone era. Today technology is rendering while swaths of products, business and industry irrelevant.
Populist movements at their core are driven by fear. What are they afraid of? They know that what do they and where they live is redundant. We won’t see change until there’s a calamity.
https://www.theatlantic.com/ideas/archive/2023/06/us-societa...
As much as I like the idea of PE scum putting their own necks into the guillotines, though, I'm skeptical of whether this theory really works.