Faraday had no formal training, but his natural intuition, interest, and tenacity made him standout.
Newton was a brilliant, paranoid asshole.
Instead funding goes to credentialed career scientists whose greatest ability is self-promotion, fund raising, and stringing-along the public.
As an example: The next big particle accelerator sucks up billions; while alternative approaches to QM never get any attention because it’s a guaranteed way to kill a career and become a pariah.
So nobody is available to even try to create the theoretical framework at the investment of a few million.
Working a day job in industry isn't categorically different, except that someone is probably watching your spending more closely. You have to figure out a way to set aside some time to work on your own interest, whether you do it at work or at home.
As for money, you can get technology made for 1/10 of what it costs your employer, by choosing your battles, cutting out all of the overhead, and using free stuff.
Newton and Einstein both hit on some big ideas during lulls (@home to avoid plague for the former; patent office work for the latter).
A great example is a chemist I knew that love research with selenium (an uncommon element). He was most interested in what role it plays in organic chemistry. That’s it.
But when he wrote up grant proposals it was always about the anti-cancer properties of selenium compounds. Never mind the fact he had zero plans to actually pursues that end.
It's a nice narrative that overgrown institutions are ruthlessly repressing all creativity. And I do believe there is some truth to that. We should work hard to understand why and then improve the situation. However, unfortunately, reality is usually more complex and also more mundane (in some ways) than any nice narratives we can come up with.
Now things are much more specialized and require years of formal study just to get a base level of knowledge in one tiny aspect.
We have the luxury of hindsight to know which peculiar schools of thought were rubbish, so we don’t even teach them.
I’m sure there are many, many theorems built up with Euclidean Geometry that we don’t bother teaching anymore.
Because modern methods make the results trivial.
Today, what are we burdening upcoming scientists with unnecessarily?
When you come up with a good question, make sure lots of people hear it.
Then they got ignored, and then they finally got useful.