There are plenty of places where this is the standard.
Anecdote time: I joined a not-quite-FAANG in an acquihire. Some of my teammates negotiated hard on the way in; I did not. After I got into management, I learned that they're perfectly willing to give you an extra $10k on your initial salary offer, but then you just get a lower raise after the first year, so everyone ends up in the same spot almost immediately anyway. The $10k was a rounding error in the total comp, and anyway they preferred to have steady employees who could be happy in a good situation for many years, rather than mercenaries who were more likely to chase vanity metrics and leave half-finished projects when they left in 18 months. Equity comp was generous and non-negotiable.
Anecdote time: I joined a not-quite-FAANG in an acquihire. Some of my teammates negotiated hard on the way in; I did not. After I got into management, I learned that they're perfectly willing to give you an extra $10k on your initial salary offer, but then you just get a lower raise after the first year, so everyone ends up in the same spot almost immediately anyway. The $10k was a rounding error in the total comp, and anyway they preferred to have steady employees who could be happy in a good situation for many years, rather than mercenaries who were more likely to chase vanity metrics and leave half-finished projects when they left in 18 months. Equity comp was generous and non-negotiable.