I believe they may be talking about the Sierra Nevada range, with mountaineering matched only by places in the Andes, Himalayas or Alps. Yosemite is the climbing capital of the world and the birthplace of modern rock climbing. Sure, it's not right in the Bay area, but you can easily drive to a trail head within a half day or less.
Little known secret: the East side of the Sierras is where all the best action is at and the real estate is cheaper (although still overpriced). The downside is the tech jobs are few and far between and if you like urban environments, there aren't really any.
I'd also count being in a place where the mountains meet the ocean as a plus, as well as the golden gate (the waterway, not the bridge, though the bridge ain't half bad, either). And a few hours away you've got Big Sur and Yosemite.
I didn't find housing costs to be that far out of whack with the increased salary when I moved to the Bay Area, though.
And I found the soul crushingly bad traffic at the time to be worse in Seattle than in the Bay. My #1 reason was the weather, though. I just couldn't take the lack of sunshine. My mood changed so much when I moved down here. I'm sure it doesn't bother some people, and more power to them. I really miss the northwest when I visit. It reminds me of what I've missed out on, things have changed so much. Then again, I would have missed out on things that happened down here. And I've missed out on everything that happened in Omaha and Denver and...
NB Not being snarky - I live in Edinburgh which is overflowing with geological features [hence arguably being the birthplace of geology as a science] and I love that factor but the main geological feature of the Bay Area would appear to be a major disadvantage rather than a feature?