A good L5 in a bog standard enterprise role is likely getting their deliverables done in 2 to 4 hours (in comparison to their teammates), and the rest of the time is meetings and non coding tasks. The rest of your day is yours to spend however you want in the remote world.
When they go to L6 all that "free time" is now gone helping peers, acting as a multiplier, design discussions, and attending more meetings. You are also being pushed outside your comfort zone of just grinding out the code.
Those 4 hours could have instead be used to L4 tier work for another company and the financial incentives are higher to just to do that instead. You also are just expected to grind out code.
The only real thing that makes this untenable is making the multiple meetings that each company host. There is probably an opportunity here for a company that can identify talented L5s who can quickly get well groomed stories done for them as a side hustle.