Anecdotally, I got a 60% pay bump by switching jobs a couple of months ago, to a company that's has a "you can come into the office if you want, but it's option

Anecdotally, I got a 60% pay bump by switching jobs a couple of months ago, to a company that's has a "you can come into the office if you want, but it's optional" policy, and said I should be able to remain remote as long as I want. But I was also underpaid at my previous role. If I was getting paid what I should have, it would have been closer to a 15-20% bump. But you may be right for the general trend, especially within companies. Right now though, there's a lot of demand for software engineers, so if the company is trying to hire a software engineer that has multiple and higher offers elsewhere, they need to raise what they're offering to get those people. I.e. the recruiters representing companies that had a max budget of about 10-20% higher than my salary at my now previous job, I quickly removed myself from consideration as I talked to more recruiters offering significantly higher salary ranges, and those that gave me job offers that were lower than the company I went with and weren't willing to raise their offer to be competitive I didn't go with. And plenty of those lower salary ranges had at least a hybrid working in the office requirement also. So at least right now, I think for people job hunting seeking WFH positions, they're not seeing much lower offers than those working in the office just because companies are struggling to fill positions in general right now and there's a lot of demand out there. What you're saying will probably be more true once there's a downturn again, and probably true once you're part of the company (but then again, even in the office I never saw a significant raise anyway, and always had to switch jobs to get the raise I desired/deserved).