Dan Luu has written some about this: https://danluu.com/bimodal-compensation/
If anything, I'm seeing the opposite: non-"elite" tech pay is increasing to rival "elite" tech pay (since that's the only way you can hire a decent engineer in any of the major tech hubs in the US).
I'm seeing the same in the Central Florida area. Postings open for months, the pay scale slowly increasing at the same time. I've even worked with recruiters to help drag those salaries up, explaining how to go back to their clients and explain their expectations are unrealistic. A rising tide lifts all boats.