The pay is seriously lagging industry. In many cases, the resources at your disposal are substantially larger in industry as well.
Meanwhile, universities are increasingly run by administrators. Faculty have more service requirements and less autonomy than in the past. Overhead expenses are higher than ever, as well.
Furthermore! Tenured faculty are hard to fire, or even force into retirement. They draw large resources even after they retire in pensions and emeritus status. So open faculty positions are constantly hard to come by.
Last year I made a move to industry, from a research position at a well regarded program. I multiplied my salary by a nice integer, and I had multiple job offers from fortune 500 tech companies and a few of the HFT hedge funds that users are familiar with on this website. I wouldn't have had a shot at a faculty position at anything that I would have considered a tier-1 research organization.
Don't get me wrong, I loved my time in academia and I was very well treated, relatively speaking. But I was absolutely at a point of diminishing returns where I would have floundered around like so many of my incredibly talented and hard working friends who are still postdocs/non-permanent staff at these institutions.