Why? As others have noted, no income tax. Relatively cheap housing. And while it isn't to my taste, a lot of people like the SW desert climate, it's not the worst thing if you can deal with the blazing hot summers.
There's no real city there but you're near a lot of recreational activities including being within a few hours of some of the best national parks.
Also same time zone, which is important when you still have to VC with your CA-based team. Vegas is probably the cheapest major city you can live in and still be in Pacific time.
Interesting. I can think of a few other ones. Bakersfield, Spokane, a few spots in Oregon like Corvallis.
The closest place to SF with no income tax.
That would actually be Reno, NV.
Also Stateline, NV depending on where you are coming from... or Incline Village, NV.