Software developers help companies make more money. It is the Add in Value-Add. They are the equivalent of the machines in a machine shop. Without them, what is the point in being in business. If you are a software company you pay what you need to pay, to recruit and retain the best developers you can.
Most software developers are not in pure software development companies. They are in large companies doing something like fortune-500 stuff or selling ads (Google) or moving goods (Amazon.)
Very few companies think "let's hire more developers, they add value!" Hiring a developer is a last resort when the tech you have doesn't do what you need. It's like needing to hire a lawyer - you don't want to do it, but it's the cheapest way to achieve your goal.