There are companies that take this the other way. Companies where everyone is over 40 and has kids. And stability of the prod systems is highly prized. Nobody wants hackathons , we all leave at 5:30pm each day. These companies exist in Bay Area.
I'm in Chicago at an agency, and our company is more or less just like this. Moreover, the average age on the team I direct is ~43--not by intention or design; it just happened over the course of inheriting the team and hiring since then. We have safe, risk-mitigated times for deployments, solid production systems, and unless something unexpectedly tanked or you're on flex time, we're all out at 5:00pm.
They're out there, but they're not always easy to find.
I think I've put in maybe two 40+ hour weeks in the past 5 years. I manage several devs and I hate dashing the younger (or ambitious) ones' dreams of resume driven development. My team handles a legacy system that neither crashes frequently nor needs extensive refactoring. "Sorry, cutting up and containerizing the system and using Kubernetes to deploy isn't worth the headache."
I know I'll keep getting promoted (and so will my reports) if I make sure my manager doesn't get calls from his manager asking why there are service outages.
Things move very slowly on purpose. It's better to miss delivery dates than to get bad press or run afoul of laws (which begets bad press).
I'm curious because I work at a big company but not in a maintenance or operational role so I'm not sure what an "ideal" resume or career track looks like for such people.
We're also hiring pretty aggressively right now (grove.co/careers), for what it's worth.
Our home room would regularly scold us gently for working late / weekends. The problem was, the home room wasn't really in charge.
However, on a day-to-day basis I was reporting to a project lead (IT Director for an OpCo) for all practical purposes for the duration of the project I was on. "Bad cop".
In theory, this structure is good for the employee if your homeroom is willing to call BS on the guy running the project. You end up with 2-3 managers evaluating you (depending on scale/# of projects) rather than 1 which can help even things out to "fair".
However, if you are in my situation (direct report to CTO) vs. (home room, who is far down on the ladder relatively speaking)...the home room manager ends up protecting himself/career and doesn't push back. So you end up (for all practical purposes) being a direct report to the project lead until the project is done.
On the whole, its a better management structure than most places and as long as you don't end up on a bad project it greatly reduces problems.
If you end up on a bad project with a bad manager well...it really depends if your home room will defend you or not. 50/50 shot at protection is better than the 0% you get at most places.
Over one hackathon a year sounds like overkill to me, and I've never heard of a company with over two of them (not saying they don't exist of course)