Now with a couple years under my belt, I was offered the opprotunity to help start an office in middle-of-nowhere Illinois. I took it, helped setup a team, have tons of connections in the company, and am more capable because of it. I have a nice house, two cars, etc. And eggs are $0.50 a dozen (I hate the cost of the Bay Area).
Would I go back? Perhaps, I would. I want my company to be successful (https://projectpiglet.com/) and to do that I'll likely need investment or I'll need to tap connections. My wife is getting her PhD in Neuroscience and there are a ton of tech / biomedical companies out there and it's a great fit.
Honestly, there probably isn't a better place for us on Earth (from a work opprotunity standpoint).
And that's the rub, there is no way anyone can get away from the Bay Area. Even if you have people leaving (like myself), there's always more to replace them. Every single person I know from CS wanted to go to the Bay Area (or LA), Seattle or New York. With a heavy lean towards the Bay (>50%). I can't see that changing unless the entire industry shifts.