MIT is the de-facto license that says "Do what you want with the software, just give me credit. Also, I don't owe you anything".
It lets people do basically anything with it but protects you from:
- People who would steal your project and claim they were the original creators (your name and copyright info is filled in the license which they have to include and mention)
- Any sort of liability or warranty - people can't blame you for any damage done by your software
I work in the industry. You're pretty much right. I wouldn't recommend people to get into the field unless you're SUPER into making games and are okay with working way harder than others. That said, other tech jobs are also suffering right now, layoffs are way more common than they used to be throughout the entire field feels very competitive.