Ok.
> Is that work something that anyone else could do?
Maybe not anyone else, but someone else, sure.
But here is the real point. In order to get promoted you have to be selfish. You have to shirk doing the work that isn't perceived as creating the highest value, and leave it to some other sucker. If no-one did that work, what then? It's not like plumbing fields around SBE messages is difficult, or writing some additional business logic is difficult. And the same goes for running some performance tuning, and shaving a few micros here and there. Any developer on our teams can do either task. But the person who can prove that they shaved a few micros off tick to trade latency and made us a bunch of money is going to get noticed a lot more than the poor sucker who plumbed in a few fields to allow risk team to monitor things more carefully.
Almost all work that moves the company forward is valuable. Some just has greater perceivable value, and results in the higher reward.
We've all been through this, we know how it works.
I work in finance. We have a lot of regulatory requirements. Assume some boring regulatory requirement comes in that all of your agorithmic trading on electronic venues needs to stamp an algorithm id on each message to the venue (this was a real thing). Someone has to do a huge amount of boring work aligning everything to do this, and in the end, there is little visible value creation from this work, and you're not going to be rewarded for doing it (people weren't). But without it, your business will cease to function entirely.
The problem is the stakeholders controlling reward are far from perfect. They will judge this project against a project that tweaked the algorithms for better performance (as I already alluded to) and reward the latter, because it made dollar sign go up.
So basically you end up in a shark tank where developers are acting selfishly, desperately trying to get their name attached to the correct projects, and the loudest voices win.
The value of a quiet, but excellent developer, who writes correct code, doesn't introduce stupid complexity, makes the right decisions for the future, even if it takes longer, is very high. But that value isn't easily visible and I'd argue this is rife across the every industry that employs developers, not just big finance.
This is an uncharitable response, no need for that.