We consider it unacceptable if all the projects a candidate wants to talk about "began before I was hired, and shipped after I left." And that's what you get if you are an aggressive job-hopper your entire career, not just at the beginning.
I am never against someone wanting to negotiate the compensation they deserve for the skills they have developed. And certainly, for many skills, job hopping is the strategy for maximizing your pay for the skills you are able to learn and refine in 1-2 years per job.
But if you don't develop the skill of taking a major multi-year project from inception to completion, there is a skill you don't have that we will not pay for by hiring you at the top two levels of our org.