Yes and it has always been like this.
Why would companies truly "value" Engineering? The majority of execs thinks we are just interchangeable drones and the only reason the salaries are so high in SV is because they literally can't get away with less. If they could, US salaries would be comparable to Canada or EU which are embarrassingly low for the amount of work they require.
They will fire you in an instant to save cost, never increase your salary and come up with elaborate schemes to basically screw you.
I have seen executives try it all: Replace senior engineering with students or interns (I'm not kidding), hire from third world companies and pay the peanuts, bring in cheap labor on visa restrictions and abuse them, low ball you in salary negotiations, attempt to pay with "stocks" (I'm talking about penny stock companies here..)
To management, Engineering is nothing but an annoying expense that gets in their way of profit.
All the free foods, foosball tables, "family" mantra and cool hats are designed to distract you from the fact that you are being paid in pittance. This is why there is so much discrimination against older engineers, because they are more likely to catch up to this and demand a fair wage and good working conditions. When you are young, naive and hungry, you don't think about it much because burning the midnight oil with pizza is exciting.