People say that, but it's not really true.
Employees do much more than they are contractually obligated to.
There's a reason why "work to rule", meticulously doing exactly and only what one is required to, is functionally a strike. Same with why there was all the uproar over "quiet quitting", where a worker only did their minimum job duties. So this is as acceptable as "quiet quitting" is.
In an industry where it's normal to do more than the bare minimum legally required, someone who does no more than the minimum required is blackballing themselves. These c-levels will never start a successful company again.