I've been switching jobs every 2-3 years (not deliberately, the offers were just too good to turn down) and the offers keep getting more lucrative for pretty much the same level of work/responsibility.
I think I'm a pretty good engineer, but I'm nothing special. I attribute this more to a great market for my skill set than anything.
This is not with FAANG btw, these are relativity small Series A/B companies. If anything, my sentiment is the opposite of yours.