I doubt Americans will even pick up the phone or respond to LinkedIn messages / emails when they will se the budgets for the software Engineering roles in the EU.
I am saying that as an European, just to be clear.
Not everyone is optimizing for total comp. Some are optimizing for better lives. It's not a wild concept considering how many people get pulled into startups, 90% of which fail, under the guide of "mission" and lower market comp. Do you pick a mostly assured better quality of life? Or an equity payout lottery ticket/fairy tale? Certainly, there is a minority of folks making wild comp at FAANG, but that is a privileged minority of total tech and IT workers.
I know several folks who've migrated from US -> EU tech roles in the last few years. Yes, you earn less and pay (somewhat) more taxes. But if you have a few kids the difference in cost of education pretty much wipes out the difference, and some folks really value the stress reduction of a robust social safety net (layoff protections, healthcare coverage while unemployed, etc)