For programmers in CA, normally they are non-exempt, although I'm sure many skirt around it. My understanding is if you want a favorable equity package, you'll accept exempt status. If you want an hourly wage and a life, you declare non-exempt.
Both the Department of Labor and the courts disagree with your assessment.
The actual job duties themselves, not the job title, not the method of payment (hourly vs salary), and not the contract, determine if an individual worker is exempt from overtime rules.
This has been challenged time and time again in the courts. The concept of a "working foreman" is often mentioned since management is exempt from overtime. If the individual can show that at least half the time is spent on non-management tasks they are not exempt. If you spend 49% of your time or less doing management tasks you are not exempt. Even if your job title is "Managing Director", even if your contract calls you an exempt worker.
Other companies frequently fight it claiming that since they pay on an annual salary basis rather than an hourly basis they don't track it and therefore don't have to pay. These arguments lose.
Many companies like to skirt around the law since it saves money. Many companies (wrongly) claim that workers on an annual salary are exempt from overtime. Many companies (wrongly) specify that a position is exempt from overtime when legally it should not be. Even if you are paid on a regular salary instead of hourly the company is still obligated by FLSA overtime regulations.
If in doubt, make a phone call to the department of labor or whatever your state's equivalent is. They can ask a few questions and determine your status. Businesses violating the law are generally forced to pay back wages to the individuals and back taxes to the government. Since government really hates to miss tax money they tend to enforce this whenever discovered.