38k a year is in the range of my actual gross salary as a mid-level software developer in Germany, although it should be noted that I work 70% part-time. It would certainly be enough to cover an entry-level developer or a founder who's willing to take a smaller pay in exchange for the freedom of working on their own project. And that's before we consider startups located in Eastern Europe where cost of living is lower, but you can still find competent developers there.

And that may be true, I am just pointing out that trying to "Fix the internet" by pandering to mid level developers seems like wasted effort.