Earlier quoted context omitted.
The job-hopping followed from companies not investing in their engineers, not the other way around. It was billed as the only way to get a promotion (which usually would come every 1-2 years).
I've been in this industry for a few decades at this point and I was around when this meme was started. It was purely about maxing your compensation because changing jobs nets you more than promotions & raises. I've never met an engineer in my life who truly earned a promotion every year and very few every two. Very few companies have org charts that even support that or have that many levels. This logic/advice only…
You don't view it as a problem that companies consistently compensate new hires higher than they are their experienced employees?
Hell, I would have been perfectly happy to never change employers in my entire career to date, if my salary had anywhere near kept pace with my peers who were job-hopping.