Monke already covered the optimism side of steelmanning, so the pessimism side:

For the West, as a short-term thing, access to massive amounts of slave and near-slave labor will provide massive benefits to the elderly and already established. It creates slack and leniency against the inevitable inflationary growth an un-backed currency will create by controlling its movements and measures versus other markets. A central administrative body overseeing this massive abuse of human rights will further help stabilize and mitigate poor financial decisions by individual countries.

Keeping this as an unelected in-group helps reduce the risk of someone unqualified to orchestrate these measures becoming in charge due to good marketing, thus keeping the guiding hand pure.

Additionally, the standard dictator benefits do apply: Singular powers move faster and with more efficiency, reduced accountability means unpopular but possibly effective measures can be put into place, etc etc.