Probably a combination of 1, 3 and 4. There are tons of talented people even at the top but the stars have to align to achieve more than your expected value. P

Probably a combination of 1, 3 and 4. There are tons of talented people even at the top but the stars have to align to achieve more than your expected value. PhD -> low-level dev -> FAANG mid-level is nothing to scoff at so you're doing pretty well.