There is no one-size-fits-all for software developers. Different companies are looking to hire people at different experience/pay levels, with different skill sets, etc. Just as with dating, most companies are also going to have some understanding of their own "attractiveness", and not try to date out of their league.

FAANG companies offering industry leading compensation packages and prestige are in a position to be able to hold out for the best (even if their interviewing practices may fail to achieve that), but most companies are just looking for someone that checks the boxes and seems like a good fit.