You seem to be adopting the point of view that whatever pay is required to attract an engineer is the right pay. But what about when that pay eclipses the engineer's marginal value-add to the company? I think it not unreasonable to speak up if you feel there is a short-sighted market force overvaluing a resource.
Imagine you are a farmer, and the value of grain falls below the cost to produce it. Do you accept what The Market has decided, and continue growing grain for a loss?
No. You realize the market no longer values your product enough to pay for it, so you drop it and move to something else. When enough farmers do that the price will come up again.
If a software company can't get enough value out of software developers to make it worthwhile then either they need to find a way to charge more or maybe the market doesn't see the need for them to exist.
Whatever pay is required to attract engineers is the right price. The only question is; is your idea good enough to still be profitable given the price floor?
Imagine you are a farmer, and the value of grain falls below the cost to produce it. Do you accept what The Market has decided, and continue growing grain for a loss?