I lived in SV for a decade and worked in SF for most of that.
> WFH might not stick widely
If the vast majority of workers demand it, then I don't think employers will have a choice here. Leaving now is a vote with your feet.
> unenforceable non-competes
Very few of my peers have ever cared about this in practice. I don't think this is remotely a major benefit compared to e.g. state taxes.
> fantastic weather and surroundings
The surroundings, I'll give you, but the weather is "fantastic" in a small number of communities only. SF weather is far from fantastic. I don't miss it. Sunnyvale or RWC, on the other hand... But still. The weather is boring.
What I don't miss are the fires and smoke-filled skies, and the drought.
> an educated and diverse population
The "native bay area" population? Or the migrants and immigrants? The vast, vast majority of people I worked with over the years were from elsewhere. We used to joke that it was rare to hear someone was born in the Bay Area. There's not much weighing people from elsewhere down preventing then from leaving, and there is less and less weight each passing month this year.
> cultural activities
I actually cannot think of anything unique to the Bay here...
> very high compensation
True, but I know plenty of people who have moved to Seattle and New York who make just as much. And I know of several fully remote (pre-pandemic) workers who are making 90% of what they would earn in the Bay Area -- I know, this isn't common, but it's possible.
Honestly, SV has done this to themselves. NIMBYism, insane housing, terrible transit, high taxes. I have no doubt SV will recover, but the rest of the world will prosper at the valley's expense.