I was thinking about this a bit after reading your comment. Now, I say this as having recently negotiated pretty hard for a "Staff" title, and previously had a "Team Lead" title. I think in certain situations it makes sense to have the title authority to shoot obviously bad engineering problems down, but this has been the exception, rather than the rule, in most of my 12 years of being a software engineer.
So your comment makes me wonder: would it make sense to have a system where everyone would simply be called "Engineer", but allow engineers to vote secretly after having worked with another engineer, on various aspects of their colleague's technical expertise. Engineering Managers or perhaps HR would be aware of the engineering votes, but engineers wouldn't, which would remove much of the implicit bias in engineering meetings. Rather, pay grades would be determined by votes, but no one would ever just "Leave it to Yakaaccount, she's the principal engineer". Everyone would have responsibility to be a solid engineer.