Every single reason given for why the pay is what it is is just a veneer for the reality that the buyer and seller couldn’t (or think they couldn’t) get a better deal elsewhere.
For a buyer, that means a lower price. For the seller, that means a higher price.
This is the ground truth of how life works. Like gravity.
I keep repeating this on HN whenever a comp conversations come up. Unless lotsofpulp's comment resonates deeply with your bone marrow level intuition of what gets you paid, you're totally missing the point (and making bad choices.)
For a buyer, that means a lower price. For the seller, that means a higher price.
Not a single other factor matters.