Quit repeating this crap. Quit it. Look at your hands, count the fingers. How many? Ten fingers. Ten fingers is the reason that the number "ten" appears in that sentence and that is it. In fact, an "excellent" programmer can be from anywhere to less valuable to infinitely more valuable than a mediocre programmer. But if the market needs 5 such people and there are 6 available, then the prices will reflect that rather than some cliche that gets endlessly repeated.

can go out and pound the pavement or join a start-up

Thus resolving all of your and the original author's objections. Yep, that's how the market works, that's how it's always worked and always will. There's simply no use expecting every company to magically know the "right" price. There's no such thing, ever.