Your point is a good one. I’ve never worked anywhere where the gains from equity had any kind of significance. From public companies it was indistinguishable from cash since its value never grew significantly and/or went down. From startups they all ended up worth zero.

I could see equity being a great motivator if it was less of a lottery. I’m happy to do good work for good compensation and that often includes stock. But I’ve never considered myself “motivated as if an owner” of my employer.