The entitlement culture in the tech industry is mind boggling. One day we may look back and wonder how we ever had it so good. Perhaps we'll even envy the person paid $1 per day to suck the gold off our old circuit boards.
You have to decide how much marginal value an engineer can provide. If it cannot pay for an experienced Silicon Valley engineer, there are other options. Personally, I took a steep discount for years for the privilege of working where I chose. (And when my current contract is closer to ending, I may entertain that again.)
However, don't mistake experience for entitlement. ___
As for your other part, is is possible that we will look back and wonder how we ever had it so good. However, that day will have to wait until we're no longer capable of individually generating hundreds of thousands of dollars of revenue for our respective companies.