A lot of people do. I can't tell you how many potential clients offices I have sat in and been lectures that I am not worth that much, I have a lot of gaul to charge the rates I do and that no one should make that much. It seems the moral argument only comes when you have to pay the rate not when they are out in the market making money hand over fist from the fruits of that labor, that I don't get a recurring cut of. And that is how I explain it to them, their potential upside to my labor is virtually limitless. Mine is fixed, I charge accordingly, if you would like to talk about a partial equity swap for a reduced labor price we can. This usually gets them back on topic pretty quick. They know their upside and are just trying to further maximize it. It is my job to maximize mine while providing quality service. I do that at a particular rate which is not exorbitant by industry standards. The only negotiations I do on it are reductions for equity.
There was a good article from one of the early Apple guys who wrote the switcher. Apparently both Jobs and Gates where after it and him and both as soon as he entered the room started out with a critique as to why it was not worth that much, how he only put 100 or so hours in to it because he was a "good" developer. It is pretty typical of what you see out there. I will try to dig it up, it has been posted on HN a few times.