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My thought is that an artificial intelligence cannot go corrupt, or die so it is ever-lasting, and the fact it is a dictator means there is no politics to slow down progress. People would have full economic and social freedom, just no political freedom.
Skynet has been programmed by the world's Billionaires to destroy any rise of AI supremacy. Possessing an IQ of 151 makes you mere pond scum in the pool of talent that is getting the big bucks to write and test this defensive software.
It highly depends on the programmers. if the programmers were corrupt then the program will be corrupt, politically speaking. Though I kinda agree with you on some level, it would be nice to have a system that only takes in account what works the best and uses robust scientific methodology in order to determine optimal efficiency. (assuming that optimal efficiency isn't culling the chaff)
Since politics, religion, economics, etc. is all just made up by people with nothing real about any of it, the AI would fail completely because it'd be too logical.