Except that's not really true, because the work expands to fill the time allotted. Now we can build more boring applications with fewer people.

Yes, it is true that companies are always hungry for more. But once again, those same companies never cared about beautiful code. They wanted us to build something that works as quickly as possible. In my experience, the beauty of programming was often enjoyed outside of work for this very reason, and we can still enjoy it outside of work for it's own sake.