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The "FAANG bubble" itself employs like 100k engineers and many many more startups and Fortune 500 companies pay >90% as much.

Only in the US and mostly there in the tech bubble cities. That compensation is for an equally skilled expert nowhere else seen in the world.

That is not correct; you can have this level of compensation in Europe, Asia, the Middle East and Australia as well.

Sure, high compensation is only available in major cities with a thriving tech scene, but that's pretty much any major city.

Ok, where do you get 500k in europe?

London, Zurich, Amsterdam.

source on the 100k number? pay is heavily tied to geo as well