has always been the endgame for the plutocracy, going all the way back to the Gilded Age. In the US it has been given an especially nasty twist - in its American variant, feudalism imposes no responsibilities whatsoever on the "aristocracy" to protect any peasants, even their own.
In historical feudalism the lord of the manor had an obligation to protect "his" peasants from the depradations of rivals or maurauding bands on masterless knights. The same went for the antebellum south. If a plantation-owning slaveholder wanted to realize any profit from his plantation he had to at least keep his slaves fed and fit to work the fields lest the cotton rot.
It may go too far to say that the plutocracy has found a way to improve on feudalism or the antebellum "way" but it may not. The plutocracy wants all of the "advantages" of feudalism or the antebellum South with none of the reciprocal obligations, such as they were, to the lower classes.
The plutocracy wants a system where the unruly masses can be (1) culled; (2) virtually enslaved; (3) forced to procreate enough to keep enough serfs around to be exploited as labor and especially as cannon fodder so that the imperial goal of world domination can be realized, or at the least, attempted. Yet they do not want to spend even a penny to "care" for their slaves.