No, it is not.
It makes a huge number of assumptions without bothering to mention them: that the hacker is equally skilled at public relations, marketing, business management, financial management, and on and on. Running a business -- even a relatively simple one -- requires much more than, "sit down and write great code for 12 hours a day, six days a week."
As the business grows towards that $3 million / year figure, the number of business-y things that have to be successfully managed also grows.
Yes, there are stories of people who have done it (e.g., Minecraft) -- and yet, on further investigation, you often find that there's a lot more to the story than there appears to be (Angry Birds). Still, these are the exceptions, the breakout successes, and it's as foolish to go into business for yourself expecting this kind of outcome as it is to walk into a casino and expect to walk out as the big winner of the month.
I think that trying to distill the entire process down into whether or not you're a "good hacker" ignores all of the other talents and luck that are required, and also really diminishes the perception that any business acumen is required for that kind of success.