"also be paid eye-watering amounts of money."

Thats not really true outside US

It obviously depends on where you live and what you do in your job and how much you work and how hard. I'd argue though that, to say it in OP's words, most of us should get watery eyes every time we see our paychecks given how much time we spend actually working, what the work environment is and what that work entails. We're so incredibly lucky it's hard to fathom.

"We're so incredibly lucky it's hard to fathom."

But we are not, in UK developers are slightly above average office workers, they have no advantage on lawyers, bankers, doctors, etc.

Personally I would still consider that lucky in the grand scheme of things. I'd never compare myself or the work I do to that of a doctor.

Is there some logical reason I'm missing why it should be any different than it is?

It is in the UK

What makes you say that? Outside of contracting and a few elite firms in London, being a developer in the UK is like being an accountant -- nothing special.