Good job opening with an insult. Really adds to your credibility. I don't understand the hostility.
I do have a contract. It says that my hours are open-ended. I am expected to get the job done, and to be generally present during business hours, especially to the extent that collaboration with others is needed. The job given is one that takes me, and most others, regularly 45 to 50 hours. In "crunch time" it can be more like 60 hours and includes weekend time.
My situation is the same as tens of thousands of employees at my current employer, and millions in the US in general.
I'm sorry that you don't like that I've agreed to this arrangement, but I really like it and that should be what matters. I want to work more than 40 hours a week in general so that I can be more productive and thus earn more money, but I also appreciate the flexibility to work faster or slower as I see fit, and I like the ups and downs of the cycle because I always know there will be some weeks or months where I can take a breather. I really like that my employer doesn't think about my work in terms of "hours", but rather in terms of results. My relationship with my employer is positive, trusting, and not at all adversarial. I feel fortunate that this is the case for me, and I hope others who want a similar arrangement can find one.
Making law to prohibit or impede people from making contracts that both parties like, but that the government does not like, is entirely illiberal and is a sad blow against freedom and prosperity.