I've been a software engineer for close to 10 years now, and we are definitely overpaid for what most of us are doing, and that is mostly because of supply and demand.
All production is a mix of land, labor and capital. So it depends on cases, but when we are in the right place at the right time, we deliver stupendous amounts of value.
I've been involved in cases where two, three, four, twenty people could address tens of millions of cost $US per year. The interesting thing is that sometimes, even though you have the numbers on your side, the management team demurs.
It's all but impossible to actually evaluate what we're worth.
Appealing to supply and demand may involve what's called "The Lump of Labor Fallacy". We're not stevedores, and we're not surgeons. We're somewhere in between.
One response: https://archive.org/details/lectureonnotiono00lloy
In the UK the average GP is on around £120k I bet very very few chartered (Peng) engineers make as much.