I see your point, and I am actually not sure one way or another if you're right. I will say, however, that you shouldn't discount even raw bandwidth as something that could drive jobs. The more software online there is, the more bandwidth is needed. A 10MBps line that would have been massive for a small company in the 90s is incredibly insufficient now. Now we need 100Mbps or something like that.
The more fiber there is, the more fiber gets laid, and the more fiber gets cut. Is it the same as churning out new cars? I don't know, and there may well be other products that are moving into the space as well.
The original Luddites feared for their jobs, not because they were all stupid, but because there was an entire paradigm shift. It would be putting a machine in a soccer goal net instead of a goalie. You'd be putting all goalies out of a job, but you'd probably have to hire twice as many people to operate the goaltender machine.
That said, perhaps this digital revolution really IS different. Perhaps we do need to consider a world were we no longer determine what a person earns by what "value" they provide. I'd say it would be a good thought exercise either way.