If you were any good, I'd say it was the opposite.
You could get signed and live off of 50-100K records sold per year (from Indie labels where you got a bigger share of your sales revenue) globally. You didn't have to compete with anybody in the world that had a guitar or some synth and an audio recorder, only comitted musicians with deals.
The "company screwed me" stories of that era come mainly from suckers that got signed as starry eyed 17 year olds or something into major labels with crappy deals. And even those stories were somewhat overblown when it came to big bands (the company did made millions, but they did get plenty in advances too, enough to buy cars, houses, and support constant parties and a few drug addictions).
Any small indie band/musician in the 80s to 00s has found the mp3/streaming era much worse with regards to industry income.