The same is true for any product industry. There are things you can do (customer development, short iterations that involve your potential customers, etc) to increase the chances, but if you're not doing work for clients directly, then there is no guarantee.
Note that the "doing work for clients directly" exists in game development too, there are many freelance or services companies that do work for other companies, and from what I hear about the game industry, these have much more guaranteed pay, just like outside of games. Its the "build the product, when its done, hope someone buys it" type of work that has no guarantees, but that is in no way unique to game development.
The difference is, most other industries don't have such crazy crunch times...
It's completely rational behavior that has nothing to do with games, just look at MMO's for a more reasonable development process.
Edit: as for crunch times, I expect this is to do with the interactive element of gaming. There is whole lot more work involved when the client has the ability to break your product.
Please stop lying.
Of course most people care if you're being overworked for a small amount of compensation. Your statement is a bit ridicolous.
I don't want to sign in though, since that service offers nothing for me as a non american.
And yet academia.