It is well-understood in every other industry - if you want to be at a prestigious firm, make top compensation, sit in a nice office, work with top-tier coworkers and enjoy excellent perks, you must hustle hard and be unreasonably competitive every day to continue reaping those benefits.
I'm not even talking about back-breaking work - this is true for law, medicine, financial services, entertainment, sports, academia, and everything else I can think of.
After a decade+ run of cheap money and strong demand for talent, returning to broader reality may feel very unfair for many. But that doesn't make it so