The comp offers aren’t even that great, even compared to midrange tech companies, especially for senior / staff level engineers.
I worked at a midrange ecommerce and content licensing firm, about 20-25 years old, in a major US city, and my total comp as a senior engineer (6 years of experience then) was in the range of $350k between salary, equity and bonus, and this was over a decade ago.
If you find a company that values you and needs your skills, you can get high comp at lots of places, and many have much better work / life balance, less wanton dysfunction and less political drama in the workplace.
Even a 50% or 100% increase over the $350k isn’t worth debasing myself with “dance monkey dance” whiteboard hazing. You might as well ask Facebook to give you a dunce cap on your first day, or a t-shirt that says, “My lack of self-respect is so severe that I agreed to do Facebook’s interview process.”
The mere fact that I’d actually be valued at the $350k place and wouldn’t be rectally probed to ensure I am fungible with every other assembly line programmer is a big indicator that my total earnings over a long time are likely to be much higher away from a place like Facebook. Generous scheduled equity refreshers are no match for actually rising in responsibility and skill growth to critical new positions in a firm.