You're completely right, but the main problem is that there's no longer any sort of guaranteed end-game for academics. A relatively low income really isn't that

You're completely right, but the main problem is that there's no longer any sort of guaranteed end-game for academics. A relatively low income really isn't that much of an issue if you're guaranteed that income for life and don't have to worry about finances and you're doing something you love. But today's young scientists and researchers aren't guaranteed anything -- they're lowly paid and most likely will not get any decent lifelong faculty position. And settling for being, say, an adjunct lecturer means you'll be paid less than a high school teacher in many cases (with no pension and very minimal benefits to boot).