Of course it sucks for the employees! You're right that it's a meaningless life that way.
But the fallacy is that it's somehow up to the "world" to fix that - Many people have this feeling that it "should" be better, but well, it's their company eh? You are always free to figure out how to do better on your own, instead of work for somebody else. You could always save up / borrow some money and then buy some land / start a shop / figure out how to do make it on your own. Why should you not work 80 hours? Why would anyone else owe you that?