As a bay area native (since 1980) thought I would add my reasons for moving and my thought process. These are my observations and opinions only. YMMV
I recently sold my house and moved to Las Vegas. It was largely for quality of life and failed gov't policies which seem like they are only going to continue.
I moved from a 1800sqft family home to a 5000sqft fully furnished mansion for the same price. It's actually cheaper when you consider not having state income tax and having roommates brings the cost down even more. Granted I'm currently renting but plan on buying again within the next few years if I decide I like it here.
Once COVID-19 happened it seemed like remote work was going to become the new norm, even after the pandemic passes. I'm predicting downward home price pressure in the SF bay area and a slight increase in other metro areas where tech workers are migrating to (slightly in Vegas but much more so in Austin). I wanted to sell my home before that happened. I also think the suburbs further away from SF but commutable once or twice a week won't be hit as hard as people in SF will get homes still in the bay area but further out.
Within the last year I was seeing a rise of homelessness in my neighborhood. Been woken up in the middle of the night a few times from people yelling and fighting. That never was an issue 2-3 years ago. Local stores had been closing more and more with many prime locations remaining vacant for years. I'm predicting COVID/gov't lockdowns and the homeless situation will only accelerate that.
Politically the bay area is definitely an echo chamber. In Vegas, I have friends who are both extreme left and extreme right and we all get along fine. In the bay area it felt like everyone was far left and anyone moderate or to the right remained silent for fear of being attacked or retaliated against. "Tolerance" and "diversity" seemed like they were in name only, at least when it comes to politics.
The high taxes was definitely a strong motivation for moving as well. Remote jobs don't pay as well and I think over time there will be downward pressure on tech salaries as workers become more spread out but in terms of compensation compared to standard of living I think it is an improvement.
Everything also feels modern and clean compared to the bay area. Roads are maintained, dramatically less traffic, parking is easy to find (especially problematic for those who have a truck in the bay area), utility rates and internet are cheaper. Stores and restaurants are open later. The bay area, especially SF seemed really cramped and kind of grungy in comparison.
It will be interesting to see what happens after the pandemic but my thinking is that there will still be an exodus due to remote work still being common place and accepted.
Socially I was able to make friends and network extremely fast. That might be a Vegas thing specifically though.
After a few months now I have no regrets and am very happy with how things are turning out.