The pay is determined by supply and demand, apparently there is a relatively large supply of educators (many just enjoy it despite low pay) relative to the demand.

I see your point on broader benefits, however, those are largely speculative while a shortage of e.g. doctors has very direct and concrete costs to the society.

On prior point regarding spreading risks - would you say government should bail out failed entrepreneurs? Because that is very similar in principle (taking risk, benefit for society)