Hollywood as well as sport/athletes get paid alot simply because of the revenue they drive. Personally I don't think they're worth it but the people who make movies/tv shows or own major league teams apparently do think so, since they're willing to pay the enormous salaries that are paid.
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one could argue that the six stars of Friends were grossly overpaid
Yes they were, but it's all relative. The money NBC made from the advertising during that show (plus the money made from the shows that followed, since so many people would stick with NBC for "must see" Thurs TV) more than paid the salaries for the 6 stars and the crew of the show. Plus NBC made a
ton of money from Friends when it when into syndication.
The same for sports stars - paying one or two super stars enormous salaries is done simply to bring people to the game or to watch the game when it's televised. It's been proven that the team(s) and league(s) make money due to the big name sport stars.
Actors/sports stars strike while the iron is hot, because they know the next show/movie or sport season could be a dud. Take the stars of Friends - they really aren't doing all that much now that Friends is over. They might have jobs but nothing with the impact of Friends. They grabbed all they could when they could, can't blame them for that.
Still, even though I understand the economics of it, I will be plenty PO'd if some kind of strike makes it likely that there will be no Season 5 of The 4400.