While productivity increased over the past half century, inflation-adjusted hourly wages are about what they were 50 years ago (it goes up and down - they were slightly lower in 2018 than 1972, a few cents higher in 2019). All productivity gains have been hovered up by the heirs and aristocracy.
As it was in the Silicon Valley wage cartel which collapsed in 2014. So FAANG wages have been high for 8 years, which is a historic anomaly.
"group of independent market participants who collude with each other in order to improve their profits and dominate the market"
I suppose we might argue that even the FAANGs together aren't large enough to constitute the full market. Other companies compete over the workforce of FAANG-eligible workers. The long tail of such SV employers with lower employee headcount a is still probably large in the aggregate. Though even apart from no-poaching agreements I've seen it speculated that FAANGs may employ large #s of talented people somewhat unnecessarily purely to keep them out of the hands of current competitors or potential startups that could grow into competition. That's a bit too conspiratorial for me though, at least without more evidence