It's a good point. The reasoning behind the moves matter. There's a huge difference between switching jobs because a better opportunity is available, and switching jobs frequently for lateral moves.

It would probably be more accurate to say that it's a yellow flag, requiring a bit of explanation but not necessarily a bad thing. I find the pattern of switching every 6 months for (presumably) ~10 years to be pretty extreme and difficult to explain, though. Not to mention exhausting! How many job interviews must that have taken?