As a senior software engineer in Sweden (.net stack) working in finance, 175k sounds amazing. Here we make around 70k/year. Getting a remote job is starting to look very appealing…
You don't have to look to Sweden for cheaper devs. You could settle for UK. Or Eastern Europe who have a totally different cost of living.
Additionally hybrid developer/business folk are becoming a thing, diversifying the demand as well as the skillset. To say nothing of the "CEO Compensation" halo effect Silicon Valley wages have on the industry.
Next to sales it is increasingly becoming the most valuable aspect of many industries that are critical to modern western economies (finance, insurance, technology), and AI is 'always' on the horizon as a future cost cutter, so I expect the trend to stick around.