I used to be a full time software engineer for a major tech company in the US, but quit after one year. The low six figures salary wasn't enough incentive for me to stay at that job, given how much I disliked the nature of the work.

But if the salary was higher, there is a good chance that I would have worked at that job for longer than I did. So I think salary does affect labor supply, and the supply of engineering talent is not as inelastic as you may think.