This term already exist. It's corporatocracy. Not to be confused with an oligarchy which can overlap with a corporatocracy.
> Several years ago an FBI recruiter lamented to me how difficult hiring cyber talent had become, given how much better tech companies pay than the Bureau. “All we can offer is patriotism,” I recall her sighing.
People find the 3 letter agencies to be corrupt and gross. Good Will Hunting has a scene dedicated to this. The fact FAANG pays incredibly well is just a bonus.