Earlier quoted context omitted.
experienced data engineers should graduate to data architects/ML engineers and this way they can get on par with SWE, pls correct me if I am wrong.
You're right, but most companies do not have those positions formalized and therefore you're expected to do those as part of your job, but not gain the financial benefits. Also, there is a big disparity in these titles and what the duties entail, which inherently again feeds into the problem.
To move on to somewhere that does, until the laggards get the message.