It's the reverse at Meta: they reward you with more money more quickly than a promotion. This happens when you quickly have very high impact, but it's unclear if you can sustain it.
This similarly happens to more junior who seem to be on a steep upwards trajectory: the company tries to retain them with money (stock) before they actually get good enough to get promoted, because there's high confidence they'll grow fast.
Someone who earns into the next pay band is pretty likely to be promoted in the near future, once they've shown they can sustain it.
