"FAANG" is long outdated for the reasons you say -- I think it's shorthand now for "tech companies that actually pay really well" compared to, say, the public sector, or startups, or small companies that can't afford to, or places that view software development as an unfortunate cost to minimize, etc.
In any case, even in that light, the claim of FAANG or don't be an engineer is absurd. Even if someone doesn't end up with a really well paying job it is still a solid career option "especially in this economy"
In the UK at least the compensation curve is weird. You can be on a team and be paid more than the senior devs above you.
You just have to play the game right. Excellent developers are rare in the UK in my experience or hiring. Mediocre ones who think they're excellent are everywhere.
Yeah with the opaqueness of comp, the same thing can happen in north america too. Someone beside you will be getting massively more RSU grants or something because privately management likes them more.
> Mediocre ones who think they're excellent are everywhere.
In any case, even in that light, the claim of FAANG or don't be an engineer is absurd. Even if someone doesn't end up with a really well paying job it is still a solid career option "especially in this economy"