You may be right. Though if the articles author is right that they hired too many devs, then they probably could have had a team of 30 sf salaried devs instead of 130 lower salaries and would have done more with them (theoretically)

My (biotech, mostly remote) company does this. They may not love it but they realize they have to hire from SF, Boston, NYC etc to get the best ML talent and people expect market salaries / don’t want to up and move if they don’t have to.

Can you name a few who are reaping rewards from doing that?