The companies I have worked for in the past and those where friends and family work tend give "raises" to match inflation and sometimes a bit on top.
There are also plenty of companies that dont raise your salary at all unless you get promoted.
I think that is part of why many people advise new graduates to change jobs every 2-3 years for some time as often the salary of the newly hired tends to reflect the current market rate.
I have had instances where newly hired people with less experience than colleagues received 20% more salary simply because they were new. This is for the same job and productivity level.
Your standpoint on promotions is perfectly fine and even healthy. Not all people want to get promoted and as long as your are comfortable in your job and like, or at least not mind, doing it, thats okay.
Your boss and the company you work for may very well genuinely care about you. They may have also raised your salary because your are extremely knowledgeable in your area and cant afford to have you leave the company. They could also very much underpay your current market rate and raised your salary to match what other people are earning in that position. No one except your boss can answer that.
Leaving a company that you like working at is a risk and can backfire. I did it once and regretted my decision. Other times it can be a great decision and expose you to new things that you may end up liking even more than your current job.
At the end of the day that decision is squarely on you.
Sadly, the order I listed those is in decreasing order of how likely each company is to offer them. So many companies are reluctant to give out pay rises (and I'm not talking 2% inflation rises that only ensure you stay above water). There's almost this unspoken principle where if you agreed to do a job 5 years ago for one price, why should you want more to do the same job 5 years later? There's no notion that maybe your institutional knowledge is worth something, or you're a better engineer now, or the company will be worse off if you leave vs. if they hire somebody else.
And so, people more often than not move companies to get a raise. Gone are the days where you can start at a company as a grad, and work there till you retire. I wish those days were still here, but they're not. Every time I got a raise it was because I moved jobs.
That said, people want to get promoted largely for some combination of increased status, power, and income. I don't think it's worth taking a job you dislike for these things, though. Life's too short.
I’m sure that’s not actually true for you anyway since it would be really hard to not gain an immense breadth of knowledge from twenty years of constant industry exposure. Breadth might not pay as well as depth, but you probably aren’t giving yourself enough credit if it felt so gradual.
[0]https://rkoutnik.com/2016/04/21/implementers-solvers-and-fin...