You are missing something: the discount rate used in a DCF model is not the "risk free" rate so if everything goes "as expected" you are still making more money than you would buying government bonds.

One can say that this "risk premium" actually reflects the expectation that things don't go as well as expected. But the fact is that in the aggregate and in the long term equity investors are still doing "better than expected" and there is no agreement on why it is so (this has been called the "equity premium puzzle").