In finance this is the norm. The people who work the most make the most and there are no rules. I’ve seen people get fired for not working weekends. And overtime is not a thing, its just end of year bonuses.
Yes, it's quite sad that when big tech leadership talks positively about China they really like the exploitive labor practices that the country exhibits.
And this is true… employees who work and produce more, better things often get promoted. Spending more time doing things leads to producing more and better things