If you're talking about US social security, your premiums are capped and your payout is directly linked to your contribution. Not sure how you could ever put $1M in of your own money over an entire career.

Do the math but ignore inflation (because the cap and payment is indexed to inflation)

If you work 30 years at $150,000 per year, you've put in 6.2% per year ($9,300) or a total of $280,000 (your employer put in another $280,000). You can't contribute more than that, since income above ~$150,000 doesn't is exempt from the social security tax.

Assume a 3% real return, your contribution turns into $500,000 plus the employers $500,000, so $1M.

If you get the max payment (because you put in the max contribution), you'll get $3,627 per month or $43,524 per year. If you retire at 65 and die at 95, you would have drawn over $1.3M. That's more than what you put in.

I'm not sure where the "rip off" is? I guess it is if you die early, but hey, that's how pensions work.