I think this is a reasonable point, but a better comparison might be to nuclear energy. I think the frontier labs sincerely believe that AI can be developed at great benefit to humanity, and they clearly want to lead that push, but they also sincerely believe there is a real catastrophic risk.
Some of them believe they are building God, and if they can get there first with their God, they can build it in their image and commandeer the free choice of the rest of humanity by force to ensure there will be no God but their God.
I wish I was kidding. At least that faction is less harmful than the ones who want to use murder to stop AI research.
They all believe that they are building the machine of doom. The thing that drives the moral dilemma to continue doing it is simply the prisoner's dilemma - the cat is out of the bag, if they don't do it, another (less ethical?) actor would do it.