There are plenty of tech hubs besides the Bay Area, that's for sure. But I can tell you that when I moved from a small company in a small economy to a moderately-well known startup in the Bay, the rate at which recruiters contacted me jumped from maybe a few times a year to multiple times per week. And after a few years, many of my coworkers started their own companies and invited me to join them.

By contrast, I have very talented friends who did not make the jump to work at a tech hub, and they don't have the same kind of network or opportunities.

With that said, I very much agree with you about wanting work life balance, making sure there are people who will support you in your next job, etc. However, I think that this is much easier to optimize for when you do have an established career and an extensive network already.