Big 5 new grad salary in the bay area (and Seattle for Amazon) is a microcosm. Those kinds of salaries aren't sustainable for most companies.
Flat out wrong. FAANG will absolutely give you similar salaries in metro areas like Seattle, NYC, Austin. Where are you getting your data?
It isn't in London compared to the Bay Area, nor was it in Chicago when I lived there, based on people I knew at some of those companies. This is the first time I've heard that starting salaries are identical regardless of location. I'm happy to be proven wrong.