They want it on their resume primarily to make more money and have a better career in terms of getting hired, etc. Very different motivation. They'd only work at a FAANG for free long enough to get that bump. Game devs however would work for many years underpaid because they like what they're creating.

People haven’t responded to your very first point, and I want to really stress it because I don’t think most people really get it.

Margins.

Game development doesn’t pay more because game development companies can’t afford to pay more.

Sure, an individual game dev company may make a lot due to the hit driven nature of the field, but the totality of the market simply makes less money per developer than big tech does.

In order for that to change, the market has to increase in size by appealing to a more casual audience, or existing gamers have to pay more. Not something I think most gamers would like. And these are the people who the workforce of game developers form from.

You have the causality inverted. People want big tech on their resume because it makes them look qualified. People with top qualifications work at big tech because of pay. If low quality engineers worked in big tech, it wouldn't be a coveted qualification.