Maybe depends where you are, I live in resources city, generally speaking a good experienced engineer gets paid quite a lot more than good programmer.

Some experience you just can't overwhelm with any amount of youthful vigor or brilliance when the consequences are substantial enough.

Yeah, probably depends a lot on where. I'm just a sysadmin, the difference in pay between here in silicon valley and the cheaper parts of the US for my labor are extremely dramatic. I mean, it's dramatic for better educated programmers, too, but not nearly as much as it is for me with no degree and a less prestigious title.

I know a bunch of people who worked at lockheed around here, and, like you'd get literal MIT rocket scientists with security clearances making... dramatically less than me, even though I have one of the lower paid technical roles you can find at the FAANG companies.

A profession can be high pay and low prestige (ex. prostitution). Engineering is more prestigious than programming, so no wonder than programmers want to be called engineers.

Suply and demand explain most phenomena.

Where I live, and in most places - I believe - there are some traditional engineers and architects that earn more than a software engineer. However, they are outliers, a regular one is comically bad paid comparing with a regular software engineer.

Disclaimer: I worked as an architect in a previous life.