Yes, exactly. Diminishing marginal returns after 8 years.
That said, I really wonder about management - a talented senior dev who can write clean code, is polygot and knows their way around everything, gives good estimates, communicates well ...
I think that might worth more than anything really.
Often tech is more like a sports team where individual contributors matter more than those making other decisions, i.e. coaches.
(That said, there could be a serious market inefficiency here: a spectacular coach may be worth more than great players, it's just really difficult to measure!)