Companies in the tier of Stripe, Lyft, Uber, Airbnb, Pinterest, LinkedIn, Robinhood, etc. pay that much at senior levels. Often better than FAANG.
I agree that some employers lowball like crazy, and that some engineers don’t know better, have reasons to live in low-productivity regions that are worth six-figure opportunity costs to them (family, etc), or couldn’t pass the interviews. But it is worthwhile to remind people that this whole world is out there and they could pursue it if they wanted to.
You rest and vest if it goes up, or find another company if it fails. The ante would be 1 year's RSU and job searching for a payoff of 3 years worth of RSUs.
There is also a particular group of people who seek out pre-ipo (meaning a company that is expected to IPO soon) companies, or more generally those that are about to fundraise again. Generally equity offers are given based on valuations at the last fundraising round, so playing this game properly can instantly turn $100k in paper money into $400k. Of course, doing this only makes sense if you expect the new valuation to have some kind of staying power, otherwise you won't realize those gains.