It could be "pay cut for different domain" or "pay cut for better location but lower CoL". In a more extreme case you can re-spec to another industry altogether. You may not make anywhere close to what you made in tech, but you have 7 figures in stocks and 6 figures in savings anyway. Money is no longer a worry, why not follow a passion?
In addition, it can be non-job motivations. e.g. you take a year off to travel for a bit, or engage in some hobby that you know won't make any income. I wouldn't mind doing some art classes if I ever got to that kind of money to live off of for years.