You make less money, often half. You need to commute to work. Work prospects are narrower and heavily military biased. You get exposed to harmful materials/chemicals. Hardware development is slow, tedious, and punishing compared to software. Having a home lab requires far far more than a laptop. Information is much more sparse so being around knowledgeable others is often critical.
The industry is packed with grey beards, I'm often the youngest guy by 20 years in customer meetings.
Maybe things will change now that we're in a period of uncertainty, but I see hardware as being a thing for the second world and unlikely to stage a big comeback.