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Everybody involved knew (or should have known) that the recent round of money-losing IPOs were high-risk ventures. And I would hope anybody thinking about taking options instead of cash would learn enough about pricing options to be pretty clear on the risks involved.
Also, if the con had gone on long enough for the "rank and file" to cash out after the lockup expired, how many of them would be giving money back to investors after WeWork's problems were revealed? I'm guessing zero. Let alone the salary they got for building what turned out to be worth way less than what was invested.
I looked at WeWork at one stage for an office, the prices seemed crazy, I didn't understand how any one was using it, you've been able to get serviced offices for years for way cheaper. He did OK though, he gets out with a bag of cash and leaves someone else carrying the debt.
There is a failure for the employees, but everyone knows, or should know they're rolling the dice working for a startup, as others have said shares are lottery tickets, and the system is stacked against you as an employee ever making money.