I agree except for one thing: I am morally judging the situation. Just because market forces have given you the power to ruin the lives of people who trusted you, doesn't make it morally okay to do so.
I guess you can judge the people, but I'm at a loss what you mean by judging the situation. I mean, if the incentives align a certain way to make a thing very likely to happen that thing is going to happen. The people responding to the incentives might be assholes, but you can't really judge the situation on the whole, any more than you can judge a seed for growing, once planted.
The thing is, it seems that the incentives don't actually line up in the first place. According to this data, the most successful games companies will be the ones where the developers work reasonable hours and are treated with respect. So what's going on?
I'm not morally judging the situation, I think of it as a natural effect of market forces. A rational person would just go to another industry. I'm a software developer who was never anywhere near the game industry, fwiw, though I have had an appreciation for computer games since childhood. But In these industries, there are enough enthusiastic, perhaps not quite rational people, to keep that workforce unusually pressurized, metaphorically speaking.