Who views it that way? People who have never been there and also know nothing about it? People who have never left California?
I kid, but seriously, many of us have actually been to other cities across the United States and the world and have appreciation for them. There are many places I would be happy in besides the SF Bay Area. I would be able to find friends and good microbreweries and good craft coffee, cocktail bars, interesting cheap restaurants, interesting expensive restaurants, museums, nature hikes, the whole shebang. Some of my absolute favorite examples of each of those are outside the SF Bay Area! It's simply that so far, I haven't found a metro area (at least in the US) that can combine a similar concentration of such places with a comparable climate, tech job market, and markedly cheaper cost of living.
It’s also an old place with weird enclaves unknown to outsiders. You may find your lovely townhome is adjacent to a superfund site.
In addition to the weather (which really isn't that bad), part of it is I think that a lot of people with SV companies tend to think of tech as "what SV companies do" which naturally leads to them seeing less "tech" in other places. (Though there are sizable outposts of quite a few West coast employers at this point in addition to the home-grown ones.
Tech actually in the city was almost non-existent for a long time. Hence the Route 128 computer companies. But that's shifted a fair bit again over the past 20 years.
To the last point, there are a lot of people, especially on the West coast who really can't imagine living anywhere with real winters. To be honest, you don't hear much about Boston either although I think it's something like #3 in VC funding and has a lot of tech of various kinds.