Not if the well dries up because all those companies start firing thousands of people.

Don't flatter yourself. We're all getting recruiters reaching out daily. They're mostly ignored because 99.999% of the time it's a lateral move - doing the same thing at a different place. Not interested.

If anything, being a FAANG SWE puts you at a disadvantage for ever having stability. Financially risky startups would love to have you, but a lot of industry verticals simply won't take a look at you because they figure you wouldn't be interested or you're perceived as a flight risk. Thing is, if you plan to retire from this profession those are the kinds of jobs you're going to need.

Unless you think it's flattering to have recruiters reaching out, I don't see when I was flattering myself.

Based on your understanding, if other companies perceived me as being a flight risk because I'd worked in FAANG (?) I probably wouldn't be interested in them either, so it sounds like the system's working as expected.

I think it highly depends on the current economic environment. During the past 10+ years of bull market, suddenly losing your raise or bonus would immediately cause people to start looking for a new job. When a recession is on the horizon, with expected job market tightening, people are more likely to accept it, hold on to whatever job they have, and ride it out.