Companies don't pay your equal to the value you provide, they pay you as little as possible.
I think it's a little more subtle than this. The wages are higher because there's more opportunity for employees, who are being poached constantly, and often by companies with essentially limitless budgets. If you hope to retain engineers, you need to pony up in SFO, but less so in Omaha, where there are fewer people competing for talent. Companies say they pay for cost of living, but in reality, there are plenty of expensive cities where salaries are relatively low (e.g. much of Europe) and cheap cities where salaries are relatively high (e.g. Houston, though not necessarily for engineers).
American middle and low wage workers have seen their wages stagnate or decrease, despite being more productive than ever: https://www.epi.org/publication/charting-wage-stagnation/
Amazon, for instance, ran at a net loss for much of its history. I don't know how a workers cooperative would manage this.
Secondly, in capitalism, capital is concentrated among a small number of people, who are often friends. Shareholders therefore often help with raising further capital, since they are always from the capitalist class. So a worker's cooperative won't be as good at raising funds.
To engineers, of course, this all has a naked emperor vibe, but on the business side our industry is largely about fake it till you make it. And being able to afford engineering offices and staff in SFO signals "we've made it", independently of whether that's true.
Price has nothing to do with a vague concept of 'value'.
this should be rather obvious, extraction of wealth through employment are one of the basics concepts in capitalism.