I've met plenty of engineering leaders being paid double that who are not "good at their job."
It's a hard job to do well; it requires you care about technical details but also deal almost exclusively with people. It's a rare person who naturally fits into the "extrovert engineer" role and corporations are shitty about training those who don't fit yet to practice the right behaviors.
Plus, if engineering is "design with constraints" then you are given the extra restraint of headcount and finances.
Don't even have to take their jobs. Here's one example[1] from the OP's former employer:
> The base pay range for this role is between $196,000 and $299,000, and your base pay will depend on your skills, qualifications, experience, and location. ... employees are eligible for discretionary restricted stock unit awards, and can purchase stock at a discount if voluntarily participating in the Employee Stock Purchase Plan.
IMO there's an awful lot, they just ask for mid 200,000s.