I think it really depends on the industry and location. There's a clear tendency on HN to only consider the tech market in California, where it makes the most sense to hop companies regularly. It's not the case for everyone.
I work in a large European industrial company in aerospace, and the vast majority of the employees stay until retirement. Yes most change job regularly, even relocate to different countries, but within the same company. Outside options aren't great, you're not looking at large potential raises and will have difficulty finding as good of a package unless you go into another industry completely. If I was fired I'd probably have to move to a different country and get into another industry to get a good offer.
I work in a large European industrial company in aerospace, and the vast majority of the employees stay until retirement. Yes most change job regularly, even relocate to different countries, but within the same company. Outside options aren't great, you're not looking at large potential raises and will have difficulty finding as good of a package unless you go into another industry completely. If I was fired I'd probably have to move to a different country and get into another industry to get a good offer.