This is a variant of "do it for the exposure", which is deeply disrespectful to anyone's time and dignity. Regardless of whether or not you are right in terms of money made, society as a whole would benefit if we stopped playing that particular rigged game.

Do you think it's better than spending that same time socializing with coworkers outside of work? Because it isn't.

Negative, those things are external to any employment position and not something an employer is entitled to discount salary against.

Employers can do whatever they want if the employees are OK with it. When I was 22 I signed up for a job that kept me in hotels 250 nights a year. I loved it but now with kids would obviously tell any such job to go fuck itself.

Sure, but companies have a heck of a lot more bargaining power than individuals. I don't think "this didn't cause large numbers of employees to quit" means that this was okay.