Sure, you probably won't get to work on something as disruptive and world-changing as Theranos, Juicero, or whatever the latest SV hawtness is, but I think it is a pretty good trade-off.
Only in the SV bubble could one think that "disrupting the laundry pick-up industry" or some "uber for dog walking" is something world-changing
And COL-adjusted salaries in SF outdo other cities only if you happen to be at one of the FAANGs or something with particularly generous VC backing. But even for people who want to work there, there aren't enough FAANG jobs for everyone (and not everyone wants to touch them with a 10 foot pole). At the vast majority of companies pay isn't anything like that.
Not that weather in SF was all that great either.
Startups pay a lot. So do smaller companies located in SF. You have to: otherwise you lose employees fast.
But I guess it works, as long as there is a sufficient supply of bright-eye kids who were led to think that living with roommates after you've graduated from college is acceptable it all works out.
You realize that a lot of folks who work in SV are immigrants who come from situations much worse than this, right?
Even for Americans: please don't blame the young for the shitty economic situation that they've inherited. I get your point that they shouldn't put up with that lifestyle, but what do you expect them to do? Just not move here?
Once they're here and see that you can demand better compensation, they do move up the ladder.
And there are lots of places in the US where economic situation (at least if you're IT-related) is quite good. E.g. in Chicago you can have a job, and buying your own house a few years out of college is perfectly doable. And you still have access to world-class culture, entertainment, food, what not. Really, in Chicago I have never heard of anyone working even in some boring corporate drone developer position who had to live with roommates. This is something students, or day laborers do. In the Valley I regularly met grown-up people working as software engineers for FAANGs who were bunking with roommates.
Sure, if someone likes it, all the power to them, but is it really the best option for everyone?
And Docker, which is neither from the Valley, as it was mentioned here, nor of any consequence to anyone not involved in the industry? That's not changing the world. That's SV self-congratulatory bubble
There are some companies in SV that are doping something world-changing. Sometimes it's even for the better (often it's not, but let's not go there). But it's far from the only place these innovations come from. But coming back too the original point, it is just about the only place (other probably being Skolkovo) where you can get funding not just for outright frauds like Theranos, but for things like Juicero or what was the name of that company where they had their scientists pour liquid nitrogen around whenever investors or journalists came, to make it look "sciency".
Twitter - agreed.
After that it's probably more a matter of taste than anything. I don't think I would want to live in Omaha, but I certainly want to live in San Jose even less. And once you get to the point where a family becomes important, SV certainly is not the place where I want to raise kids, unless I wwre to win the lottery and be able to send them to a private school.
I have family in Denver, it has a lot going for it, but none of Denver, Minneapolis nor Austin can be said to have 'far more culture' than SF.
I think the Bay has become overpriced for what you get, personally, but places with more cultural cachet in the US are NYC, LA, Chicago, and maybe Boston and Philly. If you don't like winter, it's Cali or nothing.
Not sure about cachet... SF might have more of it in sense of having more "here a famous 60's musician shot acid" landmarks and movie references, but as far as things to do today that don't involve networking with scooter-riding techbros (stepping over the heroin-shooting homeless optional) even Austin so far seems to be ahead. And given how bad traffic on 101 is, I can drive to either Dallas or Houston, which have pretty good museums in not that much more time it takes to get to SF from the corner of San Jose where I lived.
Granted, my definition of culture isn't everyone's cup of tea either. But what's wrong with winter?! After a couple of years I found it very irritating that when I wake up and look in the window, I have no idea if it is June or January.
When somebody was trying to recruit me there, looking at the offering range and housing prices, I could fly myself to the French Laundry pretty regularly, and still come out ahead.
There's nothing wrong in living in SV, as long as you like it. Or liking it. It is wrong to try to make it out as if it were the best place fro everybody; or even everybody in "computers". It's quite demonstrably not, just like it's not quite that engine of innovation, especially world-changing innovation it used to be.
You also seem to be conflating companies (sure, it is easier to start a company in a place where you can get finding for almost anything, no matter how harebrained it is) and innovations. The way I see it, Web was an innovation (not from SV). A first browser that a normal person could use and would want to use was an innovation (flyover country). Showing that the Internet could be safely and reliably used for commerce (at least for a time)? Not SV either. These were world-changing innovations. Stripe or AirBnB? Not so much.
I had an internship in San Francisco before I graduated, I'm never living in that city.