I suspect that in many, especially larger, organizations excellent people need to hop to advance. Think about how co-workers and bosses react to a junior employee who quickly outstrips more experienced colleagues. Promoting someone junior rapidly past other people can cause resentment, or be structurally unavailable. The company may have policies about maximum annual raise, so an excellent person may advance in responsibility but not in pay. When taking a new job your position and pay are determined by your capabilities to a greater degree.

There are definitely alternatives to 'job hopping' including consulting/contracting to get rid of the stigma while essentially doing the same thing. Alternatively you can get a job with (or start) a start-up so you can have 'measurement and leverage'.