It's funny because i have the exact opposite experience at my medium-large sized engineering company.
The hardware team had a team lead at the staff level for years. Software, which had an equal headcount, was compartmentalized below the hardware team.
It was such a massive struggle to get equal salary, or a voice at the table for impacts to the software team.
At one point, IT added some new intrusion detection systems that increased our compile times from 10 seconds to over 600.... And we STRUGGLED to get our issue escalated because "it was a software problem" and the hardware team didnt really care about anything other than hardware issues.
Like imagine grinding an entire division to a halt, and not even raising that concern. Thats a Tier1 issue. It took over a month to get a workaround in place. IT wasnt ever really fixed. We were just told "youre not important enough so youre gonna have to deal with 3x compile times. tough"
I've observed this as well, that software in a hardware org is a bit of a second class citizen. The absolute worst case is AMD leaving a trillion dollars on the table because they can't compete with CUDA software APIs, but lots of places are like this.
But software in general - well, in America - got pulled up into the stratosphere by FAANG money. I feel that should have had more of an effect than it did on non-software orgs.