Yep, and very few mention money as the reason why people are leaving their jobs. It's much more often about a re-evaluation of people's priorities. There's no reason to believe people will find new jobs that give cost of living adjustments.
There's people in this very thread that say they're planning to interview because they're not getting a COLA adjustment.
I already switched jobs and got a significant raise in the process this year, or else I might be joining them if I get a sub-COLA raise (it's sounding like I might based on what I've heard of the process so far). Hell, I still might later this year, I don't know. It wouldn't be the only factor for me, just a factor. Things are mostly good here, but I've stunted my income trajectory quite a bit already by staying way too long at previous jobs, and probably should play a bit more catch-up, and I'm only likely to get that by switching jobs again.
Yet, somehow, the new job is almost always (much) better paid. Strange, isn't it?