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Of my last three employers, one had a dept/team policy of a weekly on-call bonus. The on-call person got a few hundred bucks extra (taxed, but still...), and there was a budget line item for it. It was a pretty nice token of appreciation. The other two - one had an on-call rotation no extra bonus but an informal comp time policy if you had a bad night. The other had nothing. The expectation was that the two guys on the team were on-call all the time. "Oh, we'll probably never call you."

Ironically, of the three, the one with the on-call bonus budget was the one where you almost never got called.

There are different tiers of oncall. Needing to be online and actively debugging within 5 minutes of getting paged is far more constraining than being the third line of internal escalation that gets a phone call maybe twice a year.

I guess it really varies from system to system. The one I work on has pretty strict uptime requirements so we get well compensated for it.