I can't speak for every company, but I imagine that if you got to a point where you are the best coder at the company, but you refuse to discuss architecture or design, your salary and advancement opportunities will stagnate. This isn't because you're not a great coder, but rather because the value your code provides in isolation, without architectural context, is limited.
The answer for most people and organizations is no.
(Edited to fix typo)
I also think it is worth recognizing that the challenges of higher abstractions can be kinda fun. Different but fun.
As they should, IMO. It's about the value you bring to the table (in absolute terms and over a theoretical replacement). If you're doing senior IC work, there's a limit to the impact that you are likely to have and value you are likely to create (and therefore to the portion of that value that you will bring home to keep as your own). That can be an incredibly enjoyable work experience, but there's likely to be some kind of a cap on it.
I am not the only tech executive who has said, "If/when I get rich enough to fully retire, I'm just as likely to take an IC role somewhere and just code for the love of it..."
Part of the definition of "senior", everywhere I've read it, is that your impact has started to spread outside yourself and to the team level. If you're a "strong IC", you're not a senior, in my reckoning. You're a senior when you're pulling up those around you.
The bigger issue, in my opinion, isn't the ceiling on comp. It's the job security as you get older. A lot of the people in their early 30s thinking "the senior engineer role rocks, and $250k total comp is more than enough" aren't thinking through their plans are for their 40s and 50s. Some are, a fair number with that mindset I've meet are into the early retirement / financial independence thing, but many aren't.
That is unless you work for a company that is truly doing something unique or doing it at a unique scale.
We're struggling to formally define it, though. How much pure IC work do we expect of broad roles? How much coordination/communication do we expect of deep roles?
Then your impact is limited. Truth is, you need to do high-level thing to influence more people because that is more efficient and valuable use of your time. Implementation is fun and useful and all, but it can't scale beyond certain scale.
The CEO sets the goal of more mobile connectivity this year. The VPs come up with high level projects. The managers assign the work. The programming team does it. The higher up the lesa the real impact.
EDIT to add: On the contrary, non-FAANG is where you want to go. At many non-FAANG type companies you advance based on a combination of success and tenure. You'll accumulate raises and promotions just as a function of sticking around doing your job.
I know, because at such a company I became a manager and then was made aware that a person reporting to me was making twice as much as me. Because he had been there 10+ years, just producing code.
I agree completely that there's nothing wrong with managers making less money than people they're managing. The only reason I mentioned that he reported to me is because that's the only way I became aware of his salary.
Disclaimer: I’m in my mid 40s.