As an experienced and seasoned engineer, this is exactly my view. Though as a new college grad I used to work overnight for hackdays. Now I see new college grads doing the same.

I get paid for a job and I do it really well. But, I don't get paid enough to overthink creative ideas, burn midnight oil to meet an arbitrary submission deadline that only benefits the company.

Not to mention that if I don't meet my OKRs, mentioning that it's delayed because I was working on a hackday idea wouldn't help me at all.