I'd argue they trade receiving the full fruit of their labor for increased safety/stability. I know I do at least. The owner of a business still needs to make payroll even when the business is doing well with legal consequences iiuc if they don't. If you are a sole proprietor your billable rate goes up but now you are marketing, IT, accounts receivable, janitor, etc. etc.

Additionally different company's have different ways of incentivizing employee "ownership". Everything from RSUs, Employee stock purchase plans, a Christmas bonus for a good year, etc.