Now? Politics and infrastructure put me off of huge chunks of the country (especially Texas and Florida). I don't really care if Austin is a vibrant metro area when the state government is trying to ensure women have subhuman status at most even if they've got to gut our judicial system to do it. Small town Texas? Absolutely fucking not, doubly so if I actually wanted to raise a family. Then again the Bay Area is my home.
For someone from a place most people from the Bay Area would never deign to visit, I’m more than happy to go back and do the hard work to make it better. Work politicians and voters in California are incapable and unwilling to do.
For the last decade though, if you write code in the Bay Area, there is just this massive backstop of companies looking to hire. I've lived here since 2011 and worked for all of 3 startups that entire time, so this isn't so much about job hopping. Instead, because of all the competition for talent in the area you get to enjoy a degree of job security, high pay, and benefits that are pretty nice. It is also a major relief to know that if your company does have to let you go for whatever reason or you just get sick of the work you are doing and want to quit, there are a ton of other places hiring.
With remote work I imagine being physically close to the Bay Area is less of a requirement, but it seems like there is some amount of drive to get people back into offices, so we will see how long that remains viable.
This is really the main reason I stay in the Bay Area, I moved out to the Greater East Bay a few years back and was able to find a nice house in a nice enough area for a reasonable price.
Having easy access to so many employers provides a peace of mind and an implicit pile of leverage that's pretty great.