Matches my experience 100%. I'm a Software Developer in Germany and more than half of the EEs I know went into software because it was better money and a lot more available jobs, which might be even more important. We don't get Silicon Valley money here after all.
Oh, and also the scale I guess. I worked at a startup that did Hardware + Software. One hardware team (6-8 people), 5 software teams (~50 people).
