I do think it reflects more of a "not US" than a "not Silicon Valley/Seattle" problem these days. Anecdotally, I've discovered that most sufficiently large companies in the US now recognize and will credibly attempt to compete with the stratospheric Silicon Valley wages for the upper echelons of tech talent no matter where the company is located. For example, I've seen many cases of the Fortune 500, most of which are in inexpensive flyover metros in unsexy States (the US has ~55 metros with at least a million people), offering the upper end of the six-figure range for an individual contributor with exceptional skills. Seeing old, non-tech companies headquartered in Missouri or wherever doing this is a sea change.

For American software engineers, this is a brilliant change of condition. A decade ago, if you lived and wanted to work in the flyover metros, you were lucky to get six-figures at all no matter who you were or what you'd done. These days, big non-tech companies are willing to push toward a seven-figure comp package in flyover country for top tech people, in cities where almost no one makes six-figures. It has been really interesting to see.