> technologists actually know how much they're worth while the fresh college graduate etc is awestruck by a wage that is barely over bay-area poverty line
I think this was a key part of the racket:
Faced with the need for engineers, employers offered very high entry-level wages for engineering positions. For most of the past 20 years, entry-level SWE pay was among the best you could hope for as a fresh graduate.
However, once an engineer got into "the system", they became "captive audience", so wages could be frozen. Imagine a typical 35 year old engineer with 13 years of full-time programming experience. What's he going to do about his frozen wage? Go to medical school and become a physician instead?
So engineers started at or close to $100k, but then got stuck in the narrow $100-150k band for the rest of their career.
Like most unfair practices, this one worked... for a short time. Longer term, it was destructive and self-defeating: the smartest, most far-thinking college students did their research, saw that the entry level wages were appealing, but then they become stagnant. It's a bait-and-switch. Looks good from the outside, but after a few years, you start lagging far behind your peers who went to finance, medicine, business, etc.
So they went into those fields instead.
These are exactly the type of smart, capable, senior software engineer that all these clever employers wish they had right now.
Congrats, you played yourselves.