alt Hacker NewsI would argue that job hopping was a symptom of companies under compensating for the market. This is a common problem even above Junior level. It's been easier to get a raise by leaving to another company that will pay more, then by just asking your employer for more money.
Again, the company has the control to avoid this.
It might be under compensating for the market at large, but the market has companies where the revenue per employee is orders of magnitude larger than other companies.
I've worked at small companies that had revenue per employee of under $150,000.
The NYT has a revenue per employee of $470k ( https://www.wolframalpha.com/input?i=New+York+Times+revenue+... ) ... and a profit per employee of $50k ( https://www.wolframalpha.com/input?i=New+York+Times+profit+p... ).
https://www.levels.fyi/jobs/company/the-new-york-times-compa...
If an employee there got an offer in Big Tech, they're going to make more.
Until you hit Big Tech or companies trying to compete with them for talent, you can always find an employer that will pay more than your current one.