Even though he was a mere boy at the time, Booker T. Washington makes this and some other very interesting observations in his autobiography Up From Slavery, an incredibly good read even 130 odd years later.
Yes but would you want slaves producing your Chevy Silverado or your laptop? Or your pharmaceutical drugs? I don’t think you would want them on the factory jobs and that was the Industrial Revolution.
Plus as farming mechanized you needed less labor to do the same work and is was inherently cheaper to hire people or with machines the family could handle the work and just use seasonal labor.