This. I mean, I guess if you're brought in by the allure of "working at a startup" and aren't particularly focused on the viability and the leadership team? Fine, I bet you find a lot of trash. Don't care about getting paid a fair (if stingy) wage? You'll find a ton of trash.
I started at a rather young startup and took a very slight pay cut (and 40% less than my top offer). Had an opportunity not only to work with the most talented tech team I've ever seen, but also to grow my own skills and leadership, quickly. As soon as we weren't working on 1M in seed funding, I was more than adequately compensated with a salary that itself was 50% *more* than that top offer.
And yeah, 2 years was enough, but I now have a greater equity stake than a lot of the latecoming executives, and the company is a (though still private) 300-person operation. I hope and suspect that will be relevant one day, but it's worth it even if the company folds.