He definitely needs to be called out on this. Of course companies will always try to pay the minimum that they can get away with while employees will try to get as much as we can. That's normal in negotiations.
But saying that "we're not a terribly money-motivated" is just bullshit for, "we're not terribly money-motivated when it comes to your compensation so please be thankful with what we give you and don't ask for more.".
Maybe it's just because I'm old and jaded, but I think the ad is doing people a favor. Clearly it's an "overwork, underpaid" position, which should raise red flags for most people to say "Next!"
It's a lot less insidious than being dragged through an interview cycle where they don't tell you what they consider market value for the position you're interviewing for until the later stages, or where they won't tell you that everyone in the company is a workaholic doing 80 hours a week unless you know to ask.
Sure, it's a sucky position, and you can call him out. In my experience, people like that can't be educated. They'll feign some remorse, but all they'll do is use softened, misleading wording and end up wasting the time of prospective candidates who will be misled into thinking that this is a better job than it really is.
But saying that "we're not a terribly money-motivated" is just bullshit for, "we're not terribly money-motivated when it comes to your compensation so please be thankful with what we give you and don't ask for more.".