It really bugs me that software engineers claim that they're "overpaid" at $120k. Now, $120k isn't poor by any stretch of the imagination, not even in New York or San Francisco. For a talented entry-level programmer, it's about fair. We're not exactly Mr. Moneybags, though. We work a lot harder than most people in technology, and while some of us get a decent payout (those who are decent negotiators) there are many who are terrible at representing their interests, and they bring the whole market down.
We have a tendency to negotiate against ourselves and it hurts us. Right now, we're still able to get fair-ish salaries in a booming market, but we (as a tribe) get so little in terms of equity, cultural control, autonomy, and general respect, compared to what we could. Many programmers still have to deal with "user stories" and "Scrum tickets" when they have 5+ years of experience! That's fucking nuts. This is supposed to be an R&D job in which we advance the state of human knowledge, technology, automation and processes.
That doesn't just hurt us. It hurts society because a bunch of self-promoting charlatans come in, get those VC bucks, and make Snapchats and Clinkles when we could be doing so much more.