Personally I have had a tendency to waffle back and forth between the ambition to "great work" and the ambition (and at times, necessity) to do lucrative work. And for me, thus far, the two things have been almost entirely negatively correlated; I have given up the lucrative path to seek something I hope will be "great", or given up the "great work" path to seek something I know will be lucrative.
To bring this back into the lens of the article, I do think that for people who are not already financially independent, this can / should / is just one more constraint in the search through this space of "what should I work on". Some "great work" is lucrative while a lot is not. Financially independent people have the privilege to choose freely among the two kinds, while the rest of us have to focus on the lucrative kind to at least some degree.
Now, that may not be considered great work by the essay. But I might read the essay with my assumption around its editorialization -- which is that it's to some degree an attempt to describe "here's what I'd like to invest in." I'll bet you today (and especially in the future) that if I tested the author's revealed preference about investing in "my" thesis of great work, while our stated preferences might differ, our revealed preferences would align.
Caveat that this is this is all conjecture given that I've never directly interacted with YC's investment thesis.