Underlying this is the implicit assumption that everyone thinks working more is the best use of their time — or that the pay offs you determine are accurate.
I love the idea of using Prisoner’s Dilemma to explain this behaviour, but it’s just a model — not the real world. ( The map isn’t the territory )
When given the choice, we do optimise; but I don’t think that optimisation means work.
It’s time you get and it’s up to you — how you choose to use it. Your options, even if you’re not a billionaire, aren’t limited to work and chill. You could be doing things in the intersection or complement of work and chill.
Sure, it’s fun thinking everyone optimises for work and everyone is heading to burnout and it’s a dystopian world. But the real kicker, I think, is that you’re doing it to yourself — and you have a choice not to.