I wonder if that would have to happen globally. We are still competing with companies in other countries. Chinese startups subscribe to the 996 schedule (9am-9pm, 6 days/week). I'm not sure if 954 allows us to compete.
I don't think we've really gotten to the phase (at least in software) where we are directly competing outside of China. I think we are starting to compete in markets like India. I'd be surprised if in a few years we won't be fighting over US market share. The recent Reddit investment by Tencent might be a harbinger of things to come.
Edit: I very much hope I'm wrong.
I do see a danger of a future where a small percentage of people work long hours and everyone else is unemployed.
I'm pretty astonishing about that movement happening in the West(or USA only?). Because, by contrast, in China, 996 is the current trend in tech companies.