Giving the benefit of the doubt and saying that any engineer here will be half the value of one from SV (which, I don't agree with at all), I'd argue that you'd still be better off paying two senior engineers at the particular level I am familiar with to build your product.
> My point is without high pay a whole class of very good engineers is unavailable to you.
I think depending on the model, the same argument can be made for FAANG and / or other VC money fueled companies. There are some talented, principled engineers that refuse to work for non-fundamented businesses, and perhaps only aiming for the 150k+ people will render a whole class of very good engineers unavailable to you.