Is it true that pay for soft eng. was high so it made them avoid creating comp?

is it true that pay for soft eng. was high so it made most of them avoid creating companies and competition in SV? few startups happened but many real talent gets hired by big tech. good enough to make them avoid creating many real competition, which they are perfectly capable at 20-40y old range? so instead they get few M. and big tech grows with their help? So their all salary and stocks cost is few $10B and returns for big tech are at least 10 times of that or maybe 50x