Earlier quoted context omitted.
sounds like you're in bham or atl? and you're right. i know numerous talented engineers in the south who you can pay less and get as good or better of a job done than a FAANG engineer. tbh i might be biased towards a non-FAANG engineer. them southern devs be scrappy.
Why should I (in NOLA) take a salary that I got as a team lead 10 years ago on the West Coast?
I can't speak for your particular situation.
As someone laid off about a year ago, the answer for myself is supply and demand. I had been holding out for my previous TC, but now I'm pursuing lower-paying positions.
It's disappointing, but I don't take offense at it.