If you work at a FANG too much of your income is hoovered up by rent anyways. Especially factoring in the hours and stress. Promises of a career ladder are breadcrumbs for most people. Why bother.

Big Tech has been captured by finance and professional management. In other words those companies are now political bureaucracies where workers, as opposed to connected operators, are exploited.

Workers now need to go elsewhere, save up some cheddar, and start their own companies. Same as it ever was.

There's nothing special about Silicon Valley. It preys on idealism and naivety just as much as Hollywood.