The problem with this belief is that it implies that all of bigtech is massively overpaying for top talent who would happily stay on for pennies. While bigtech overpaying talent is more plausible than any other bigcorp doing so, it's still rather unlikely.
I think money’s marginal utility just changes from a vehicle for material comfort to a way to keep score.
Only if there was a cartel which would agree to never outbid each other, of course... You can ask Steve Jobs about that one.