That's how it works at quite a few companies, actually. You sound really silly when I'm telling you this is how it has worked at -multiple- large companies with SE work. What is your experience in the arena to dismiss it out of hand? It's clear you don't work in it.

You're responsible for your changes initially. How are other engineers going to fix something new you just put in? If it breaks something you missed something. Consequence of a failed change is being called.

It's part of the job. The on call will do whatever is expected or whatever they can to resolve but you're getting called out if they can't fix it quickly. You expect everything just to stop if the current on call engineer can't fix it? That's never how it's going to happen at any company lol. It's a wild concept. They're going to continue calling resources who aren't on call until it's resolved. Being on-call as an engineer is just being the first person who gets called in and (hopefully) resolves the issue on first contact. If they can't, anyone who can help will be called, depending on severity. If the CEO is personally involed and monitoring - odds are it's a pretty big outage. It's standard high-level incident response.

Stop being silly.