In FAANG adjacent companies it is very difficult to get promos. And promos are the only way to get increase in pay due to leveling.

Promos require promo packs, and promo packs require large beefy projects. (Good luck jack of all trades).

Thus, you end up with these situations where large beefy projects are solutions looking for a problem as the core problem being solved is a promo, not a business need.