What those talks often miss is how closely linked salary often is to status and communication of value.

I may not need a raise and the money may not make a notable improvement to my life in and of itself but getting one is a clear signal of appreciation and in the opposite direction not getting one while your peers do (again regardless of whether you need one) sends a clear (if unintentional) message of undervaluation.

Unlike most other signals of status, salary is directly comparable.