Yes, it's the market rate but no, that doesn't mean it's necessarily a good buy; it's set by the most optimistic buyer. Buyer's remorse is sometimes a thing in auctions too.
That's the reason we have labor unions -- to stop those that otherwise would work for low wages and/or in deplorable conditions, from doing so. Thus undercutting those that "hold out" for fair wages and conditions.
Think about it. If the entire graduating BSCS class of 2020 banded together and declared they would not work for less than $400k/yr starting, FAANG would simply have to pay that (they have the cash). It's because there's one dipshit willing to work for $250k TC that all the rest have to take that salary as well.
