Yeah, as far as I've observed, this is one of the key reasons for consistent short (1-2yr) durations working at companies in the tech industry. You get a raise by getting hired at a new company. Personally for me, each time taking a job at a new employer has resulted in far greater compensation increases than if I had stayed at the same place and waited for a bonus/raise.

And even if you manage to convince your manager to consider you for the promotion/transfer often they'll ask you to start doing the new job on the side for a bit to prove yourself. Now, how good are you going to be at something new that you are doing part time with nobody taking you seriously and supporting you? It's much easier to get the title first and grow into the job afterwards.

There's the perception, yeah. I've also been told that I was so productive in my current role, they saw it as a loss to move me to my target role. Of course, they lost me entirely...

There's a place for that: just because someone's a good engineer doesn't make them a good leader or manager, for instance. But such stiff attitudes really hurt an org, IMO.