Perhaps it was my gambling addicted stepfather who died broke that keeps from seeing the appeal.
You’re not risking your life savings by joining a venture backed startup as an employee. In the worst case you write off a few thousand dollars you spent exercising some options while making a market rate salary (because you negotiated).
... because no startup is willing to pay competitive total comp fully in salary. Bigcos mostly aren't either, FWIW, although RSUs of a public company have a lot more liquidity and lower volatility than startup options.