Everytime I hear about a 60 year old losing their 401(k) because of the stock market crash I refuse to feel for them. Why were they so equity-heavy at that age

Everytime I hear about a 60 year old losing their 401(k) because of the stock market crash I refuse to feel for them. Why were they so equity-heavy at that age when having cash/fixed income assets would be safer? They either didn't know or didn't care but either way it was their money to control and they didn't.