That's circular. The reason only 1% achieve that rate is not because there is an efficient market that evenly distributes earnings according to skills. It's because most developers are not even cognizant of the fact that they can charge far more than they do. They don't even arrive at the point where they debate doing that with themselves, because the concept is foreign to them.
This is the essence of the problem: the true 1% of the industry in terms of skill (technical and business savvy) earn millions per year. But they are out of sight, and the 1% is artificially dropped down to $200/hour, because the market is not competing primarily on skills, it's competing on business savvy. Many of the most technically proficient people handicap themselves in negotiations, meanwhile many people less technically skilled but still very capable of delivering value earn more than them. There's no sales-y secret sauce here.
This is the essence of the problem: the true 1% of the industry in terms of skill (technical and business savvy) earn millions per year. But they are out of sight, and the 1% is artificially dropped down to $200/hour, because the market is not competing primarily on skills, it's competing on business savvy. Many of the most technically proficient people handicap themselves in negotiations, meanwhile many people less technically skilled but still very capable of delivering value earn more than them. There's no sales-y secret sauce here.