Flood the market with very good but not exceptional workers, and the top salaries won't change much.
Flood the market with exceptional workers and it probably won't change much either, FANG will just be even more selective with their top salaries.
Top devs have a lot of bargaining power not because companies need some "X amount" of development work done but can't find anybody who will do it. They have bargaining power because those companies are competing against one another and they're hoping the next billion dollar idea will come from one of _their_ employees first.
If you aren't playing this kind of roulette, I don't understand why you would try to compete in the same job markets. You can get developers for far less. And yes that may mean moving elsewhere, SV is obviously heavily selecting for such developers (people who can get those salaries will tend to move there, those who can't will tend to be pushed out).
If you are playing in that space but you just can't afford to pay for its inputs then it doesn't automatically mean those inputs are in a state of shortage, sometimes it just means your business does not create enough value to to pay for said inputs. This is the market's way of telling you to fold. Capitalism is a harsh mistress.
