This is true; my father was - and my husband's parents are - all professors so I know that small town academic life (for tenured faculty) is one flavor of the American Dream.
And pursuing your dreams is important. But I've also seen pretty talented people adjunct for decades at a stretch, because they believe that some day they will get a TT job - and I've also seen those same people seemingly only taking advice from their doctoral advisors, who (in my experience) consider anything besides a TT job as "failure".
If people want to live that way, they should. But the ideology of "pursue your dreams," when it comes to employment as a tenured professor at an American University - is often used to just string along adjunct labor in the home that someday their ship will come in.
As a former music history professor who now works in tech, I think the adjunctification of American universities is one of the the worst "best-kept secrets" out there. The sheer number of blog "exposés" of adjunct teaching that I have read over the last 20 years simply boggles the mind, each one breathlessly "revealing" the same secret. Of course, they are not wrong: I personally adjuncted for years and it does not pay (example: I earned $5,000 total the year after I graduated from Harvard with a PhD).
What really mystifies me, now that I have 8 years of perspective between me and the day I resigned from my tenure-track job, is why people who think of themselves as great thinkers (or, at least, good enough thinkers to teach college) cannot escape from something of a self-constructed prison of adjunct work. Based on my limited conversations with NTT academics who considered career changes during the pandemic, there is an odd quality of stockholm syndrome where PhDs (especially in the humanities) simply cannot fathom that any other life path might be worthwhile, and hence toil away.
I’ve heard it said that it only exists as a word so that there can also be “offboarding” when people are let go. I do not have a strong opinion about this.
Source: those 90 minutes I was grilled by the entire Harvard music department faculty in 2006