This does suck though. To start, a counter-offer-based model begs discrimination. You should be getting yearly raises commensurate with (at absolute bare minimum, not even necessarily accounting for inflation) the increase in productivity from year to year.

This is to say nothing of work environments. Unions could reduce or end crunch. Not just as hard blockers, but mandating the kind of project management that doesn’t require crunch.

There’s also a history of wage suppression.

https://www.inc.com/jeremy-quittner/silicon-valley-wage-collusion-class-action.html

They’ll only get better at it, especially as the market continues to turn and companies continue to consolidate.