There are places where this sort of push is, manipulative. See the gaming industry where people are in it for "passion".
But no one in dot com or startup or IPO land worked the 60 hour weeks for no reason. They worked them to get paid, and for their lottery tickets / stock options. It was gambling with time.
And for a lot of people that worked out very well. For those that it didnt work out for they still did really well.
If you want a 40 hour a week, no hustle job, then engineering / programing / startups might not be the right choice for you. Your pay will be reflected in that choice.
It has always been this way, it will always be this way: it is a game of sharks and minnows.