//but I fail to see how it was optimal for everyone.

It was also optimal for me as the employee because the fund could (a) hire me and (b) structure my role in a way that I could quickly learn and make impact which (c) enabled me to earn what I want.

Without the non-compete, the role/hire would not have been possible and would have to be structured in some less optimal way.

Like I said, if I didn't think this role was even w the non compete I'd have done something else.