Facebook, Apple, Amazon, Google and Microsoft are all West Coast tech companies that are in the top 10 largest public companies in the world by market cap. Media should really replace Netflix with Microsoft and come up with a new acronym.
IMO Netflix got on that list because of its reputation for giving good cash-based compensation in ranges that, though they probably also exist at Microsoft, does not come as easily to the rank and file SWE at Microsoft.
Netflix is in there instead of Microsoft because at the point in time Jim Cramer started shouting "FANG" Nextflix stock was a hot buy and Microsoft stock was still firmly in the Ballmer doldrums.
I remember hearing the term on Bloomberg when FAANG stocks were experiencing fantastic gains. Especially Netflix.