"The law, in its majestic equality, forbids rich and poor alike to sleep under bridges, to beg in the streets, and to steal their bread."

I mean, presumably the AI wouldn't just be monitoring people sleeping under bridges, but would also be able to effectively cut through tax evasion bullshit, insider trading, bribery, etc.

You're describing a hypothetical world that will never exist. Basically if we solve all corruption and inequality in enforcement between economic/power classes - all-pervasive surveillance will be a net benefit.

It's like pondering hypotheticals about what would happen if we lived in Middle Earth.

Private property? Nah, nothing better about that.