You need to take into account "trophy" labor markets. These are markets where a large number of people work insane hours and make a great deal of sacrifice all to compete for that big reward at the end.
So, although it seems like the people at the top are overpaid the position is a sort of trophy that serves as motivation to underpay a number of grunt workers. For example look at corporate law (the number of lawyers, vs. those that get partner and the real money); or investment banking; or the pilot/airline industry. All have a few top positions that few will make, but many will try to and are willing to be economically underpaid and abused for the chance to win that "trophy" at the top.
So, although it seems like the people at the top are overpaid the position is a sort of trophy that serves as motivation to underpay a number of grunt workers. For example look at corporate law (the number of lawyers, vs. those that get partner and the real money); or investment banking; or the pilot/airline industry. All have a few top positions that few will make, but many will try to and are willing to be economically underpaid and abused for the chance to win that "trophy" at the top.