Yes, stock is basically a loan to the company. Sure, if a company always new it was going to grow at a certain rate and life were guaranteed they could give everyone an exact raise…

Instead they say “here is a bonus, its built on a gamble. Here’s is monopoly money that might be worth 10% more in two years, or maybe the company will be bankrupt and you will be unemployed.”

Would it be better to get a cash bonus or a raise of similar value? Sure.