Because people feel like C-level compensation is way too high, and people feel this is disconnected from actual performance. C-level compensation has risen way, way faster in the last decades than general employee compensation [1].
It doesn't change because upper management is all in the "cult", and there's no incentive to lower salaries. If all programmers (or any other profession) were in charge of their own salaries, I'd suspect something similar happening with people rewarding each other more and more compensation while pointing at other companies to justify it.
[1] https://www.epi.org/publication/ceo-compensation-2018/