I don't really buy the meritocracy argument that 'good devs get paid more'. It hasn't really panned out in my experience, except for less than 1%, probably closer to .1% of devs who are really, truly exceptional AND will fight aggressively for their keep.
I want what I got: company goes through hyper-growth and my own personal growth has some meaty problems to latch onto so I can apply myself. You can put my Ducati on a frozen lake and it's not going anywhere. Powerful engine wasted on frictionless surface. What I got when I was young was that if I applied myself I got better. And the company got better around me. And that meant I got bigger responsibilities which I could actually do.
Plus the obvious factor that I want my peer group as bought in as I am. My morale is high. Every idea I bounce off gets improved. Mistakes I'd make are caught. I am improved tenfold.