Exactly. The thing is, people who make say $120k/year but work 80h weeks, are at exactly the same level of compensation / status / respect as people who work 40h but make $60k/year.

This applies to salaried or consulting professionals of course; if you're working your ass off to build your own business and maybe hit big rewards in the future, it's a sensible choice. Otherwise, you're just busting your health and personal life for somebody else's benefit. Which is only acceptable if you have no choice (really need the money, and don't have the market value to earn the same in a job with more normal dedication).