This is a good point. Most people singing the praises of job hopping are early (<10 years) into their careers. That's when you get the big jumps in comp when you hop. My first job hop netted me +50%. The next one, about +20%. The next one, maybe 5%? I don't know, it wasn't remarkable. Now that I'm 20 years into my career, changing jobs doesn't really increase comp at all (last change was probably negative when you considered the difference in equity). You hit the comp plateau, after which, changing jobs really doesn't get you anywhere unless you can get a higher "level" (senior eng -> staff eng or manager, staff eng -> principle eng, principle eng -> executive) which is not always easy.

The youngsters among us will eventually understand, after you've reached that plateau and your next job is going to be +1% at best, all the work it takes to reskill, grind leetcode, interview prep, interview, negotiate, move your family, change your mailing address, etc. kind of stops being worth it.