Here's the thing: what happens if you like living in the Bay Area and prefer working in person to working remotely? This strategy probably works great if you Want to live elsewhere, but otherwise it's a big trade off.
Then you pay the premium to live and work in the place that you (and millions of other people) want to be. The above strategy works best for people who don't actually WANT to live in the Bay Area.
You're more than welcome to stay in California and pay California prices. A lot of other people feel that way too. No one is stopping you.