And although some companies make their hiring process like pulling teeth, there are plenty of employers where you only need a single day off work.
And don't all managers try to keep an eye on employees' frustration levels? If you don't, you should; it's kinda important for retention. If you only learn people are unhappy when it's too late, how are you going to know to take corrective action?
Of course, there will always be some people who get offers it's pointless to match - if I develop business software, and a guy who's always wanted to be a game developer gets a job offer from Valve, maybe he should take it :)
You can't necessarily infer "is unhappy here" from "has an offer from another firm".
You absolutely can infer that if the person has come to you saying they're considering taking the offer. People don't consider offers from other companies unless there's a reason why they might want to leave where they are now.
Some people think an offer is leverage they can use to improve their current role, but really it's a signal that the person is already half out of the door and the company should say goodbye and start recruiting a replacement.
It seems pfp did it right by first making their requirements well known and then putting themselves in a good negotiation position.
Whenever someone on my team has approached me to say they have a better offer but they'll stay if I can match the terms I've always recommended they take the offer even if I'd be sad to lose them. Keeping someone on the team who is unhappy enough to go through the hiring process and find a new role is a short term fix at best.