There's a very strange phenomenon in US cities where it seems every salary is slowly converging to the $110-140k range. People who used to make $80k for borderline unskilled work (cold calling to sell business internet, for example) are now in the $110-120k range but people who were already at $120k have barely had any upward mobility in their pay.
Even at large "boring" corporate developer jobs that don't pay a fraction of the FAANG salaries, it seems the decent engineers either escaped this trap (promoted to $150k+) or have settled into the $130-140k quicksand with little to no annual raise.