There are strong process/internal fairness/social reasons to not adjust as aggressively as a cost of living calculator suggests.
I think many observers will be surprised where EE ends up, and surprised by how close it ends to top anchor.
I’m a capitalist. If a firm doesn’t metabolize engineering brainsweat as efficiently as the best software firms in world I recommend changing that, opening the hiring window, building a better career ladder than competitors have, or doing without.