This.

Everyone will do this, because everyone will believe that everyone will do this.

Even worse, there really is no guarantee that the great powers will create the best terminators. Everyone talks about China and the US. (And we should.) At the same time however, we should all keep in mind that nations from India and Indonesia, to North and South Korea will not be simply sitting on their hands while the US and China forge ahead.

A future where 4 million dollar American or Chinese terminators are easily overwhelmed by thousands and thousands of 5 dollar Indian autonomous devices is not at all outside the realm of future possibilities.

That's what makes it all so concerning. We can kind of see where it leads in terms of enhanced capability potential for non-state actors, but we can't really see a way to avoid that future.