When I was little I always though that being famous was a merit thing. If a musician was known it was because he or she was excepcional in his/her art: an incredible singer, a highly skilled guitarist, an amazing drummer.
But then I got older and saw a lot of gigs, and a lot of disciplined and truly amazing musicians that nobody heard about… And most were struggling financially, having a side job just to get by. How come? What is missing from them that the “icons” have?
In answer to the making a good living:
Historically, record labels, then streaming becoming the norm allowing the collision between record labels and streaming services driving down the artist’s cut. Now increasingly so more recently, Live Nation/Ticketmaster and similar live event conglomerates taking bigger cuts and liberties from the last line of revenue traditionally successful artists have. And it’s at every level, there will be a local event promoter behaving as the live nation of local music in your area.
For new artists, most people discover music via streaming recommendations these days, if the algorithm doesn’t smile on a given artist for whatever reason, they won’t get played, and therefore they won’t get signed (given more and more up and coming artists self publish their earliest stuff these days)