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Companies need to make line go up. You could increase productivity by using more tech (computers, tools, etc), but you can also do it by working longer. So the people in charge said "why not both?!" And here we are.
I feel like some of it also is "work until you're done" still. Hourly jobs pay per hour. But salary jobs typically pay you for work accomplishments, not time. Unfortunately I feel like a lot of tech improvements and processes have oversold their productivity improvements... example: AI will make you go code 10x as fast! So managers hear that (typically upper management, not middle/lower management who actually see it) and thus expect people to instantly do 10x the work. So you now have to bust your ass off working longer hours to meet that expectation. Good middle management will push back and reset expectations, but often the damage is done when they can half their work force with the assumption that they're going to be so much more productive now that this new magical tool is in place.
The corporate culture is also quite insane and dehumanizing. This motivates me to be poor than to earn these fellows.
A group of about 30 middle managers pushed back on policies and processes that were killing the business, hurting employee moral and eroding customer confidence. They were told "no and that they were the problem and needed to do better". Next meeting was, hey look at this new AI chatbot that will make everything much faster, like AI is going to fix everything.
I feel like looking at work at merely profit maximization is missing a big part of the picture.
There's a big part of it that's social positioning within an organization. I've worked more than a few jobs that could have been part time or been eliminated entirely, thereby saving the company money, but there is social value of being a manager that employs +1 people, so those jobs stayed.
There is a massive amount of weirdness going on at companies that is entirely unrelated to the balance sheet and wouldn't be out of a place in a Byzantine Court.