That's true (especially about the tools). However it is a career where the absolute best can make money. Our best technician made over $250,000 in a year just turning wrenches. He even agreed to take a massive pay cut to be promoted to foreman.
It's just a tough job that not everyone can or wants to do and I don't recall anyone making much over minimum for the first five years or so.
The tools thing is a real struggle but frankly that's a problem across many trade and goes all the way back to a time when folks had to make their own tools.