As a remote engineer at a good but little known medium sized company, I could get an offer from a FAANG company(no interview, automatic hire, big raise) and realistically I'd probably tell them no. They don't have offices where I want to live, so if they won't do remote, then they just don't have a compelling offer. My quality of life would suffer too much. The most important and overlooked part of the hiring pipeline is employee retention, and my employer has already retained the $%^&* out of me by letting me work remote.
Edit: typo
It's the counterpart to the Silicon Valley saying "My job security is I can get another job"
Instead of Americans in Silicon Valley who need huge salaries to pay their Bay Area mortgage.