If the vast majority quit their jobs to take UBI instead, the wage to UBI ratio would go up, since employers would have to pay more to attract the workers that have alternatives. So some of the people would be lured back to the job market because of increased wages. The job market would find a new equilibrium (with wages likely higher than they are now). Prices would also go up, but likely not enough to completely offset the UBI (since velocity of money will increase - we're redistributing wealth from those with low propensity to spend to those with a higher propensity).
Basically, what we had during the pandemic was a mini-UBI experiment (even though it was not universal). Wages at the low end went up - exactly what you would want to see under a successful UBI program (because of giving people alternatives). Unfortunately, we funded this one via deficits (hence why the rich also got richer). If it was funded via a tax, we'd see the lower end wages increase, and the upper middle/upper class get squeezed a bit (which is completely intentional).
The last effect would likely trigger a voting backlash (since upper-middle/upper class folks have lots of voting power), but it's still UBI working as intended
I believe you are describing inflation. That is, indeed one of the possible outcomes of UBI (negating it in the process) and is what we actually got helicoptering money during the pandemic.
Not quite means-tested, since it was related to losing your job, but yes, similar. My hunch is that UBI would not really affect behavior at the upper end of the scale (a millionaire wouldn't change consumption much after getting a UBI check), so for all practical purposes, it was a worthwhile experiment.
Basically, what we had during the pandemic was a mini-UBI experiment (even though it was not universal). Wages at the low end went up - exactly what you would want to see under a successful UBI program (because of giving people alternatives). Unfortunately, we funded this one via deficits (hence why the rich also got richer). If it was funded via a tax, we'd see the lower end wages increase, and the upper middle/upper class get squeezed a bit (which is completely intentional).
The last effect would likely trigger a voting backlash (since upper-middle/upper class folks have lots of voting power), but it's still UBI working as intended