Pay is determined by supply and demand and if you are saying there is low supply, then it seems they are underpaid, if anything.
And if you think tech is overpaid and cushy, then certainly that should drive more American STEM talent into the industry.
Instead, the gameplan has been to stop hiring jr-mid tier devs who develop into great engineers and architects, and rather furlough the expensive talent, and outsource hiring to reduce labor costs down and improve stock performance.
It seems you want government to generally prioritize companies through legislation, but I want the government to generally favor the employees, especially at this stage of capitalism.