It’s worse than this. Having been in the room with many of them (long ago, before I knew they were psychopaths), the tycoons who are left running the industry have an active contempt for ordinary people, including their own workers. They actively want to oppress, control and punish them.
Tech execs do not have, like, a theory of mind for people who aren’t tech execs. If they did, they wouldn’t be so frequently baffled by how repulsive normal people think their whole deal is right now