I would guess a lot of it has to do with how far you are in your career. I think if you are closer to being finished you might choose not to continue. You might do something else like you said. Especially if the cost of failure isn't so great anymore.
Yep - I get this. I reckon the people who "lose it all" after winning, are the younger people anyway - the ones who aren't close enough to the end of the career, or have enough to make it all the way to the end of life.