Under normal circumstances, a job pays more when it's difficult, dangerous, or disgusting. Whale hunting is all three, so it wouldn't have ever been attempted if it weren't insanely lucrative. But in addition, it was also risky because there was always the possibility of not catching a whale, which meant no money at all. Still, the occasional success made it worthwhile for those hunters who survived. It involved finding a whale, killing it (which could take days), and then processing it while trying to make it back home.
Eventually, our need for whale oil was reduced when other products were developed, which was a good thing since the whale population was declining rapidly. But whaling continued with modern technology and corporate financing, which took the profit incentive away from those doing the actual work. It's a dying industry, and no one will miss it, especially the whales. Kurzgesagt After Dark tells the story. There's a 50-second skippable ad at 5:06. -via Damn Interesting
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If you found this interesting and would like to know more, then I highly recommend the book In the Heart of the Sea: The Tragedy of the Whaleship Essex by Nathaniel Philbrick. The Essex was sunk after being attacked by a sperm whale; an event that should sound familiar as it inspired an other famous piece of literature. The sinking however, is only a small piece of an incredible story. It was turned into a Ron Howard movie of the same name, but I'd avoid that.
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