That isn’t strictly true and depends highly on the applicable labor market. For example, the worst paid software job I ever had was for a defense contractor that demanded 10 hour workdays 7 days a week during “crunch time” to meet deliverables and overtime frequently the rest of the year.

They paid poorly precisely because of the relative lack of opportunity for software in the region at the time. That meant anyone who’s livelihood was in software had little recourse other than to move. That was the option I took, but others can’t for a number of reasons.

Well now with remote work those people actually have job choices.