If you are a software engineer (or even, a "coder", which I think is an incredibly apt analogy for OP to mention), does your work calendar currently say "code this week for 65 hours or else" ?
Of course not, I would accept a different job. The game is doing these or else's within the week and not compensating for them.
A company that pays 70 hour a week worker is paying for at least 85 hours of time or can be sued and the worker must not have any more appropriate offers that the employer tricked them out of taking.
The problem of the salary job overtime scam is one of an employer misrepresenting a job to be equivalent to other jobs to ultimately get more value for less money, it has nothing to do with different parts of the job market having lower bargaining power. If the software industry fails, the scam is entirely unnecessary.
A company that pays 70 hour a week worker is paying for at least 85 hours of time or can be sued and the worker must not have any more appropriate offers that the employer tricked them out of taking.