Quite different from your previous point (i.e. that they are worthless)? Don't think so. They are a good addition to the salary plus bonus. Now these old companies switched to RSUs.
Worthless meaning. If only 1 in 10 companies ever see a “successful” exit and if even then, my equity may end up being essentially nothing after the investors and founders get theirs and it’s illiquid, why should I value equity at anything more than $0 when comparing compensation?
I am not sure you have read what I said. Already public companies were giving away stock options as far as 15-20 years ago. 100% of them had successful exit.