But:
> the deal is an exchange of money for time
It's not really, no. It's an exchange of work for time. If you're doing an exchange of time, you'll be punching in and out, and the boss worrying about your "butt in seat" productivity metric is reasonable.
It doesn't necessarily follow that you should work 80-hour weeks for months on end, but the case where some extra hours in a crunch is warranted makes more sense. Of course, a good employer would seek to offset that, either with money, time off in lieu or otherwise, but that ties back to the crap jobs again.