I am in security (but it's similar in many specialties) and while there are very good companies in Austin if I want to to rise become a security architect or director of information security I have to go to the tech headquarters. Companies like Google and facebook may have regional offices but the core innovative security/ai/pl work and executive decision making is being done in the home campuses.
That being said, I would never leave Austin for the SF bay unless it involved a $350k+ salary.