I think it's just a giant clusterfuck of supply and demand working against the people who make games in every which way.
For starters, there are a lot more people who want jobs working in games than there are jobs to make games, which creates competition for jobs that drives wages down.
Game development and design are seen as inherently rewarding jobs, which makes people more willing to see the job itself as part of the reward, which allows wages to drop even further, because it's that much harder to find a paycheck that's so crappy that nobody will take it.
All these people still being willing to make games are then going to proceed to make games, which means a lot of games are hitting the market, constantly. According to some random page I Googled[1], Steam alone saw about 25 new releases per day last year. That's a lot of competition for people's entertainment dollars.
Video games may not feel like it, on account of all the art and inspiration and love that goes into them, but in many respects they're a lot more like a commodity than most other pieces of software, due to the sheer weight of competition. If I need to build a spreadsheet, I need spreadsheet software specifically, and there are only a handful of options. On the other hand, if I'm a gamer with sufficiently diverse tastes, I might go to Steam thinking to buy a new first-person shooter, and end up buying a puzzle game instead.
Also, other kinds of software only have to compete with what's being made these days. If I want spreadsheet software, I'm going to be looking at a modern edition of Excel, Google Sheets, stuff like that, and not an ancient DOS copy of 1-2-3. Meanwhile, most my recent game purchases are games made before 1995.
Finally, I suspect that game developers end up feeling more trapped in their career path, because the particulars of the tools and techniques and skills that go into it are just different enough to create some uncertainty about whether they would really transfer. I've only got an anecdote here, but a good friend who finally decided to jump ship after over a decade in games development found it took him years to get to the point where he felt he really had his career back on track.
[1]: https://www.statista.com/statistics/552623/number-games-rele...