I actually don't like the "FAANG" label because the culture it refers to is not limited to those companies, nor even to just silicon valley. I prefer "SV style companies" instead.
The most common reasons I've heard include that they're mostly interested in maximizing income, that they think they're better than non-SV style devs without actually being better, that they tend to make engineering decisions based on what's currently in fashion, they tend not to play well on teams that don't operate like SV style teams, and so forth. Thinking about it, I think all of the reasons I've heard can be boiled down to "they're unsupportably egotistical".
Not saying I agree or disagree with all of that (broad-brushing any group of people as if they all are alike is extremely error-prone), just relaying opinions I hear the most often.
What I do think is that the two camps have very different cultures with very different worldviews, customs, and practices, and they tend to demonize each other. And while not having a monoculture is a very good thing, I think that demonization is a bad thing.
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