+1
Back when was re-evaluating where I wanted to go with my career(post-gamedev burnout) I briefly considered getting an BS in EE and getting a hardware job since it's an area that interests me. Did a bunch of research and found similar things.
I think it largely boils down to a couple factors:
1. Everything in hardware has to be spec'd to the teeth since re-spin of HW/Masks can easily run into the 7-figures. That means there's very little flexibility and opportunity for the "10x" EE to manifest.
2. Since everything is still heavily spec'd you get a lot of "replaceable cog in the machine effect".
3. A lot(but not all) HW is really removed from the end customer so you aren't as deeply tied with the business side of things which hurts visibility/etc.
4. Software is just more flexible which means you have a much easier opportunity to be "full stack" and not get pigeon-holed to a specific technology.
At the end of the day I scratch the hardware itch in my spare time and I still find SW a ton of fun. Plus there's a ton of value in being a software dev that can speak/understand hardware language and fit it into the larger picture.