Yes, I've always disliked this saying. People have agency. They can always refuse to play the game (and that is precisely what many great people chose to do).
Capital is far more powerful than social ostracization. Consider the middle east situation: most of the money is on the opposite side from most of the people. You get kicked out of most groups for advertising that you support the money side. But the money side still won because it paid off everyone important.
Entertaining people is useful! In my opinion, it is probably one of the most ethical ways to make money. I think game development is in that category too. It is a very pure field where you are giving a consumer something they enjoy and seek out.
Ethical all depends on if what you are doing is really you. Whether you are being you. The same way with any creative pursuit. There is a significant difference between creativity for creativities sake and creativity marketed to exploit.