Getting a very significant raise to stay in the same role is a strong signal that the company doesn't value its people and will pay you as little as possible in the future. I'd bet any money that your next 2 or 3 reviews will come with no further raises because "you just got a huge pay increase".
Letting someone's salary get to a point where they need a 60% raise to get back to a market competitive salary is terrible people management.
1. I had been there < 3 years, and was at my only other job was 1 year, and I think that has at least slightly negative connotations on a resume to some.
2. I get to be team lead (of a team of 2, yeah), which is not something I would get to do anywhere else, given my 4 YOE.
3. I like my team and WFH and WLB and taking a chance on a new company when the comp would be the same sounded risky.
4. I didn't actually have any offers. I had made it to 3 on-sites and had a few more in the pipeline, but most were for lower compensation than my counter-offer. I went ahead and did the on-site that was for more comp afterward (I told my boss I was doing this), but I didn't get the offer there either, so I didn't really have another option to choose instead.
5. 200k is top-of-band for non-tier-1 companies for my area / YOE, and more than half of the tier 1 companies in my area were over an hour commute.
I had a coworker leave to be an L4 SWE at Google earning the same in 2017. I don't know if the anecdote is relevant to the 2021 Great Resignation if people were doing the same thing 4 years ago (unless your colleague got an L3 offer for that amount).
Regarding the $270k number, looking at the distribution in levels.fyi for L4 in SF Bay Area: https://www.levels.fyi/company/Google/salaries/Software-Engi...
The 75th percentile is $290k which fits the comment I was replying to ("a little under $300k") and by definition not an outlier.
Actually, looking at the earliest data points levels.fyi still shows under the same page, $300k doesn't seem to be an outlier in 2017 either: https://imgur.com/a/hhO7dQE
Anecdotally, Google has not become any more competitive in the past few years as far as compensation goes.
With that said, given how this is my plan no matter what, it has actually freed me from whatever circumstances can arise at work.