Pay structure is pretty rigid. You can be top tier for your level but they base salary off YoE and (reasonably) contract rates. If there was upward mobility, that would make up for it but there are no Software Engineering Managers to advocate for promotions. Unless there is a need for a more senior position on your contract, that promotion isn't coming anyway.
Slightly more subject to volatility in election cycles due to leaning super hard into diversity (morally a positive IMO).