I don't know anything about chemists. However, I struggle to believe an industry with a career path starting freshman year has more variance in ability than a technical field pulling poli-sci majors off the curb to fill seats.

Supply/demand of a chair takes a distance second to the value of the product of that chair. Medicine/law/finance are all oversupplied with high salaries. Try showing up to a teaching position interview and convincing them to pay you more because of econ 101.