looking at our (we're naturally not FAANG, not even close) dept recent big promotions around - a principal 6 year out of undergrad. No need for insane workloads, just great soft skills around high management people, and the lack of experience and knowledge just helps to always be in enthusiastic agreement with instead of questioning that high management's not smart, to say the least, decisions .
I actually was a principal at one mid-size a decade ago. I went there as an IC and was very clear about that, and they gave me the high level just to bring me in. Nevertheless the principal related crap - powerpointing/etc. - was creeping in, and after the first yearly vest i left, despite all the raises in the counter to keep me, for a normal senior engineer position at another place. 2 years later they tried to bring me back as a chief architect to build a new platform, and i almost went there as the project sounded great, just in the last moment right before accepting the offer i really remembered why i left - the technical work will be overwhelmed by the "organizational" work.