I would argue that there is a considerable amount of loose change floating around in the bay area tech scene that makes it possible for even young companies to pay large salaries to developers. $100k is pretty common for L1 developers, $120k is roughly average for anyone that can show they've built something before.

I can't speak to a lot of programs, but HR is roughly 800 hours of cultivating people with "enough experience to write higher order functions" into - specifically - web developers. These students implemented a binary tree in their first week, wrote relatively secure chat apps in their third, know React and Angular by the sixth, and have 4 side-projects (one of which over a full month) by the end. Meanwhile, CS grads have been taught that JavaScript is a toy language that can't solve a problem of any reasonable complexity and are instead competing for enterprise Java positions amongst themselves.

Is there a bubble? Probably. But there's also a market for individuals with a set of skills that isn't being met by our university system.