I like this theory! And I don't think it's a cynical one either—this "laundering" could actually be really useful.
The worker gets the status and security of a tech/consulting job, while having more variety than actually working at the chemical plant, not being at the whims of their org chart, and also just the reframing probably makes it more enjoyable anyway. All the while, the important work is getting done.
I don't think it's cynical at all! I do think it's a decision-delaying choice, however, in that it treats one's work as a series of electives. The person working at the plant, gaining seniority and building deep connections is on their way to industry expertise. It's trading wealth and power for prestige. (It makes sense it's like catnip to our graduates from elite schools.)
The worker gets the status and security of a tech/consulting job, while having more variety than actually working at the chemical plant, not being at the whims of their org chart, and also just the reframing probably makes it more enjoyable anyway. All the while, the important work is getting done.