The "hire much more eagerly part" is actually great. Sure, your job can be reduced at any time, but the alternative is to not have the job at all - the business will likely not risk job creation on an uncertain project knowing they will not be able to fire if the project goes south.

In practice, just see unemployment numbers - around 3% in US and around 9% in France, with chronic low-intensity rebellion (yellow vests) happening in the country.

Employment figures don't tell the whole story. For example, lots of people could be employed but still not earning a living wage.