I was reluctant to respond to this thread at first. Whether it was the OP's intention or not, it comes across as "my life is better than yours because I chose to go into engineering and you didn't" and based on that premise, poses a question of why someone might choose a "worse" option.
There's a problem with the initial premise that engineering graduates have a tougher time finding jobs and earn less than engineering graduates and what that implies. Even though it is perhaps technically true, it's not like engineering grads all have employers lining up outside their dorm rooms a year before they graduate and physics grads all end up fighting each other for the last of the fast food burger-flipping jobs that will eventually be replaced by intelligent machines. The differences on average are actually quite small, and to many people, small enough not to be of any major consequence.
If you look up statistical data on employment for those who have taken physics, they have low unemployment, high job satisfaction and salaries that seem comparable to those of engineering graduates. Even if it shakes out that on average physics majors earn ~ $5k less than engineering majors, this hardly makes a difference in overall quality of life, opportunities, health, etc.
One of the big differences between physics and engineering degrees is that engineering is a profession. Graduates are able to search for jobs as engineers and the schools will have industrial connections and generally the programs are oriented towards producing bachelor's level graduates ready to go out and begin work in entry-level engineering positions. Physics programs are academic. They educate their students in physics, generally with the intention of preparing them for graduate school. So graduates when they leave academia don't have the advantage of being able to search for "physicist" jobs the way engineers can search for "engineer" jobs. But that doesn't mean they are as a rule that they don't get jobs or that they are doomed to a life of burger-flipping. It does mean that there's a good chance they'll end up with a vocation that is not doing research in physics.
Some people, when they look at their options, they see these things are more-or-less on par with each other. It would be like comparing a $300,000.00 house with a $330,000.00 house. Yes, one might be worth a little more, but there are other factors to consider: the type of trees in the yard, the size of the driveway, the floorplan, whether the backyard will be a good place for your dog...