I don't think that tracks with reality. If my company suddenly decided to do away with equity comp, they would not replace all the potential earnings with base salary. Base salary would be higher, sure, but still much lower than the salary+equity package.

I think more companies now have a policy where your RSUs vest every quarter, and there's no cliff (except for possibly the first new-hire grant[0]). So yes, it's delayed, but in practical terms you get your first vest within 3 months of getting the grant. (And if your company doesn't do refresh grants periodically, and equity is important to you, you should find another company.)

> Even when you hate your job, you will be hesitant to leave the company because of FOMO and sunk cost fallacy

This is unfortunately true. I do know people who aren't happy in their job (maybe not to the point of actively hating it), but stick around because of their golden handcuffs. I tend not to worry about that too much; they've decided[1] that being unhappy is worth the cash, and it's not a bad problem to have to be able to make that choice.

> That said, anecdotally, every one of my close circle of friends made decent amount money from equity

Exactly.

[0] Which I have a hard time complaining against. The company probably just spent $50k of its own resources to hire you, and I don't mind that they don't want to give you any equity until you've been there for a year.

[1] Then again, negotiation may be able to get similar equity terms at a new company that could presumably make them happy, and I think many people discount that fact.