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The "big salaries" can only be a small part of it, because while the salaries are bigger than average in tech, they aren't that much bigger until you reach a relatively elite status (IC5+, e.g., "team tech lead", "principal software engineer", etc.), at an elite company (FAANG or FAANG-like).

For me it's a combination of the cultural mix, the climate, and the opportunities (my current job, and the potential for others).

Top salaries, better-than-average talent pool, strong community of startup founders/funding, and the weather is lovely.

I personally love and have benefited from the "pay favors forward mentality" that I've encountered in the Bay Area. I feel confident that I can send a 20 minute ask to basically anyone, and probably receive a small favor. This adds up and compounds over time!

Compensation doubtless has a lot to do with it. It's also the only place in the US with basically a Mediterranean climate and pretty accessible beautiful natural areas. I don't live there but I see the attraction when I visit.