Being paged is the least bad part of being on call. The restrictions on your life outside of work are what really grate.
If you are on call one week every 3 months, it's mostly the calls that are annoying, especially at night.
If you are on call more often (e.g. 1/2 weekend for small companies/teams), it stops mattering how often pages happen. You are mentally on-call all the time and are forced to be physically ready. It's a huge drain on your life.
Maybe it's a psychological thing, with different people responding differently. But it isn't a huge drain on my life, at all.
I get a small amount for each day I'm on call, plus an extra payment if I'm actually called. That seems a fair balance - I'm compensated reasonably for making myself available, and the actual callout payment makes it worth getting up at 3am a couple of times a year.