I use plenty of paid software developed in the Bay Area that I wouldn't even use for free if I had a choice in the matter. The reason for a lot of successful software companies in the Bay Area has nothing to do with the people. It's disposable cash willing to throw money at an idea with a 1/500 chance of working out. As already seen, cash is running out for a lot of startups and they won't be getting another round of funding. That will lead to wages significantly dropping. We don't see the same in Europe where the wages were never hyperinflated. Wages continue to increase albeit at a slow pace.

It does imply that the opposite kind can't be found in Europe, otherwise you would also be better off paying a lower salary for them.