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It's always been wrong unless you think spending $50k or whatever to exercise and having the shares go to zero means the options had a value of $0. If you think that you're a moron.

Obviously you aren't diversified and don't have preferred shares like investors but otoh you receive a salary.

Some startups will issue almost worthless amounts of options then sell em to you based on the hypothetical future (usually not discounted) value assuming a successful exit. This is shitty. Don't work for them.

I think if you are a new graduate with minimal or negative net worth then going to big tech makes sense, but as more and more of your wealth accumulation comes from investment gains vs income you may find you have achieved the "safety" you were chasing and the stability has become insuring yourself against an outcome you don't care about in exchange for knowing you'll be the richest guy in the graveyard.