EU engineers need to vote with their feet and simply go to SV for things to change.
Heard mixed things about intra-company transfers from Europe to the US.
Otherwise it's rather difficult to get to SV.
Or just get an O-1.
So why move to Canada?
Get Canadian citizenship after 3 years, and become eligible for TN visa, which is not subject to any lotteries or quotas.
That's not been my experience when hiring. Serious candidates from serious schools don't seem to have any issues getting it.
Saving the same percentage in a higher CoL place gives you the option of moving out or retiring anywhere, including a high CoL location. You don't have these options if you make a lower wage at a lower CoL place.