Typically the older you get, and the more knowledgable you become, you step into different positions that tend to pay more (PM, Leadership). The more experienced individuals are just more beneficial in those roles, rather than strictly coding.
I'm in a weird spot career wise because I turned down 3 management roles to oversee multiple teams and now have to signal my non-interest in stepping out of team leadership and into a staff engineering role.
I just really like managing ICs in the day to day and everything that would make me good at those other roles is incidental to me liking managing ICs.