No, since there is no good way to measure how much a person's individual work is worth (in software engineering). There are ways to do that in finance and sales - that's why the pay bands for those fields are so much wider.
I think the reality is the best engineers are probably worth on the order of multiple millions per year or more (assuming they are working at a place with leverage), and the average engineer is probably worth much less than they are making now. That's the power law we see with YouTube creators, for example. If people had reliable ways of identifying who is actually a really high performer, the pay bands might look more like that. The pay smoothing (since it's hard to make an accurate measurement of efficiency) actually benefits the average engineer over the super high performers.
I think the reality is the best engineers are probably worth on the order of multiple millions per year or more (assuming they are working at a place with leverage), and the average engineer is probably worth much less than they are making now. That's the power law we see with YouTube creators, for example. If people had reliable ways of identifying who is actually a really high performer, the pay bands might look more like that. The pay smoothing (since it's hard to make an accurate measurement of efficiency) actually benefits the average engineer over the super high performers.