Outside of FAANG outliers and SV, have software engineer wages really rocketed up? I've worked outside the FAANG world at companies of various sizes and industries for 25 years and haven't seen it. If anything, I'd say wage growth has been kept artificially low by H1B competition from folks born in low cost of living countries under threat of deportation if they object to the abuse they receive. The average corporate IT dept. looks more like a sweatshop now than it did 20 years ago, the ones I've seen anyway.