There are also many plausible arguments why our ability to train them to be helpful/trusting/aligned can fail. The smarter AIs get, the harder it is to be sure they're trained correctly. There are already reports that AIs are able to detect whether they're in a training environment and change their behavior accordingly.
Even if these are low probability scenarios, the risk-reward is terrible, so I think it's rational to be extremely cautious about AI risk.
The side effects of a very powerful AI not doing what we want could include our death. E.g., a superintelligence might kill humans in order to avoid being shut down, or humans may just be left to starve because it seizes land area currently used for food production in order to use it for data centers instead.