We have all worked for a "John" in the industry. The big systematic problem is that after being fired from Snap (probably after already collecting massive paychecks and a hefty chunk of equity), he will go to another big tech company and impress them with his resume and bullshitting skills. They will hire him and deal with his antics for a few years, while he ruins more people's careers, then he will move on. Rinse a…
That is why my personal rule is to never take options. I'll take the pay and invest it on my own.
This isn't a reason to always participate, but it is one of the many reasons that lots of people do.