The major tech companies outsource stuff that matters - I mean, for 20 years at least - to contracted outside companies who pay 1/10th the amount to Americans in "flyover" country and even less to offshore employees.
They do this because SWE prima donnas will not do an adequate job for some things no matter how much you pay them. Like, oh, say, cleaning the office microwave.
So I guarantee you that you are overlooking most of the actual work "at" any given large tech corp.
Source: working for a BPO company with offices in Appalachia, Manila, and Uttar Pradesh, among others.
See? You just can't run a real tech company unless you have 20 product managers and 50 paper pushers assigned to every minor change with no more than 30 minutes of actual work per week! Oh and none of them can be white or asian males because diversity, but you must pay them all an unreasonably high six figure salary with the same benefits and Disney-like campus experience as your most coveted talent.
Obviously I'm being dramatic, but there is a non-zero sized cohort that thinks like this and nothing would validate their existence and narrative, like Twitter failing.