$200k is very middle of the pack for a salary offer in the bay area, and most places will push total comp up with stock and such, whereas OP mentioned that 200 was the UPPER bound, meaning they wouldn't be offering it to a junior developer.

I may have also misread the degree requirement as being higher than it was, but I think my point (prior to the edit) stands- for the posted requirements, the offered salary is low compared to other available jobs.