TBH, if I were running an all-remote company, I'm not sure how hard I would try in general to match comp with big Silicon Valley employers. It's actually not clear to me that GitLab really does either. The pay scales for other popular cities are only about 10-20% below SF.
The phenomenon where of Googles/Facebooks/etc. offering mostly very attractive comp in spite of Bay Area CoL is actually relatively recent. Going back a couple of decades I looked at some employment options in Silicon Valley and the comp uplift wouldn't have covered the higher CoL relative to Massachusetts. And the companies freely acknowledged this.
The phenomenon where of Googles/Facebooks/etc. offering mostly very attractive comp in spite of Bay Area CoL is actually relatively recent. Going back a couple of decades I looked at some employment options in Silicon Valley and the comp uplift wouldn't have covered the higher CoL relative to Massachusetts. And the companies freely acknowledged this.