Why Are We Failing at the Ethics of AI?

As you read this, AI systems and algorithmic technologies are being embedded and scaled far more quickly than existing governance frameworks (i.e., the rules of the road) are evolving. While it is clear that AI systems offer opportunities across various areas of life, what amounts to a responsible perspective on their ethics and governance is yet to be realized. This should be setting off alarm bells across society. The current inability of actors to meaningfully address AI ethics has created a perfect storm: one in which AI is exacerbating existing inequalities while simultaneously creating new systemic issues at a rapid pace. But why hasn't this issue been effectively addressed?