Well, I don't like employees who leave so precisely at 5:00 that you can set your watch by them (I had one like that once), but this is ridicoluos!

A few questions:

Is the situation in the industry that bad that people have to put up with this? I think that a nice little walk-out two weeks before the title release date would do miracles. Or am I wrong?

I gather this practice is not legal. So, where is department of labor or whatever is that called? Where are class actions?

Why do management drones do this? Is that some weird power trip? I mean, they cannot be so incompetent not to realize that they are getting perhaps 50% productivity (or worse) compared to that of a motivated team that works reasonable schedule. 80 or 90 hour weeks work for perhaps a month or so, and then only if people are extremely motivated.
(I remember deploying a complex piece of SW that was not tested thoroughly enough. My small team worked around the clock fixing things on the fly, correcting errors on live data, using bubblegum and duct tape to keep the system together, handholding clients empoyees, over 100 hours a week, for perhaps six weeks, among the worst in my life. Had we not managed to iron out all the major wrinkles in that time, we would simply had failed: towad the end out efficiency fell precipitously; we could not have continued for another month like that.)