You would be right if it wasn't a well-known fact that people hired in 2021 on the same position you were hired on in 2019 may well have a 30-50% higher salary than you today, since companies almost always have an idiotic hard cap on yearly raises, but no similar cap on new hire offers.

So, out of accounting spite, many companies are opting for churn instead of stability by simple raise vs new hire policy, making it worse for everyone.