I work in this field and deal with questions about this law from companies constantly, the "good faith" language is just as frustrating to the people who are asked to post ranges as it is to job seekers. The thing is that what you posted isn't a hilarious range at all...it's actually totally reasonable. It's just that it's covering a mix of multiple levels, and multiple locations.

Imagine a company is willing to hire anything from an L2 to an L4 for a role, in any geo from Fargo, ND to San Francisco, CA. But because they could theoretically hire in NYC, and already have one employee there, they have to post a range for the role. In theory, they could just post the NYC range for the role. But they'd still need to post the spread from L2 to L4, so the range already becomes broad. And then there's the fact that that's not what they'd pay in Fargo, so the range gets stretched even further in order to not mislead candidates in other markets. The result is a really wide spread, usually much wider than what you shared.

No one is doing a good job navigating this. In some cases I've seen businesses create multiple job postings just for specific markets, and give the exact pay range by level so that candidates get 100% accurate information. Then they get flooded with applicants that aren't in that market, and have to deal with wading through the noise, while also managing a bunch of duplicate job postings.

The pay transparency laws are a big positive for job seekers, but right now everyone is still trying to figure out the best way to follow them.