You're right, but think about what the implication is. In exchange for a lower quality of life, we have more billion dollar startups. Not the only billion dollar startups-- just more relative to the more civilized countries. Most of these startups don't actually improve the public's daily life significantly, and offer incremental efficiency, convenience improvements, or services that people will be not using 99% of their waking time. Sure, on the long view software is "eating the world", but it's nibbling around the edges first, occupied with the condiments and garnishings rather than the meat.
Successful startups in exchange for shitty labor protections are a shitty trade for the vast, vast majority of people.
That's true of tech startups. But think of startups that aim bigger. The South African who founded SpaceX would have struggled to amass his army of engineers in Europe. In the long run, these moon-shot innovations that are only possible with huge amounts of cheap talent might save humanity. The low-hanging fruit (first airplane, first rocket motor, first PC) that could be started in a garage by a few folks working in their off time is gone.
I like that we have both types of labor climates in the first world. High-risk, no safety-net and unshackled by regulation like in the US, but also a more cushy albeit less dynamic one in Europe.
I seriously looked into relocating to Germany as a mechanical engineer after salivating over their extended paid vacation time and ease of taking transit all over Europe. But if I were ever to start a company, fuck paying for that. I'd do it in the US where labor is cheap and business taxes are low.
Successful startups in exchange for shitty labor protections are a shitty trade for the vast, vast majority of people.