I have been involved in embedded systems for more than 25 years now, and I barely do "pure" embedded development these days. That is projects that comprise only designing a specific PCB hardware, or writing the firmware drivers and top level application for them.
Except for a couple of years I have resided mostly outside of California, but when doing consulting I have mostly engaged with companies in the Bay area.
In the past when I did pure embedded development I had to fight tooth and claw to get rates close to $100/hour, while at the same time iOS app developers or webdevs were starting at $120-$140/hour easily, even after the mobile app craze. Despite taking into consideration that I am both a hardware and a software engineer, and rates outside of California were much lower ($45-$70/hour at the time). Which was one of the reasons I pushed hard to find my clients in the Bay area instead.
These days since I have more experience and business contacts I have diversified into more complex projects that have embedded components and pay me better since they belong to regulated industries. Even now I work with full-stack software programmers in AWS/GCP cloud apps, React/Vue frameworks, modern databases and connected middleware that make around $200/hour. For comparison, in the last years I have been involved in the development of a medical device where I did the hardware design (MCU/FPGA, signal acquisition), HDL/firmware programming (Verilog, RTOS, Linux, BLE), technical host tools (C++, Python, Qt) and was paid $180/hour, and lately a mobile robot project where I did the hardware architecture, integration and system control loops (MCUs), and prototyped the high level software application (RT-Linux, ROS, Nvidia Jetson) for $150/hour. An acquaintance in the valley that was working for a similar project but entirely in the ML/CV stack was billing $270/hour. That may be a bit extreme example since ML is hot today, but nevertheless.