Maybe among Silicon Valley startups. That has absolutely not been the case at any of my jobs at companies ranging from 5 to tens of thousands of employees.
There will always be some suckers who are pushed to work overnight and week end.
Companies with poor working conditions usually suffer from poor management, which causes burnout and high turnover. The problem is that poor management is so common that many people think burnout and high turnover are normal.
Employees tend to leave the job or the workforce altogether. The ones who did not yet are in short supply.
I know it's not an option open to everyone, and I'll be honest and say that a lot of the folks I've met have trod a similar path - startup, decade of unsustainable grind, total burnout, with maybe 0.1% of what we dreamed of to show for it.
I have however also met folks on the road who've thrown the towel in with no capital, who are finding ways of making it work - one couple even had two under-ten children, and were travelling, gigging, and educating their incredibly worldly and well informed kids, with a view to "maybe finding a ruin somewhere". It takes all sorts, but I think there are an increasing number of people "opting out".
So you became a farmer? How's that working out?
I also wouldn’t call myself a farmer - rather a smallholder experimenting with permaculture. Cost of living here is low if you buy food from local markets, etc., so I’ve a few years to make it work before I end up totally broke.
One thing which has substantially changed between '99 and now is employer expectation of availability. In '99, you may have worked 9-6, but when you left the office, you left the office. Sure, some tech folks, some traders, etc. may have had pagers back then - but now, the mobile phone is ubiquitous, and the universal expectation is that you are available and ready to work, even if it's 4am on Sunday and you got married yesterday.
It's purely anecdotal, but I am "in my prime", and have opted out of being a productive member of society for now, as being broke beats being broken. I'm not alone in this - in the past 18 months of peripateticism, I've met many others, mostly tech folks, in the same boat.
Bluntly, market price isn't enough to completely sacrifice any semblance of an existence outside of work.