I'm job hopping as soon it's beneficial to me. You can deal with the loss of my velocity I'm sure.
My advice is to make sure that your manager knows this. It's a business relationship after all.
If the guys hoped a job every 6 month for the past 4 years then they've been hired _every_ _single_ _time_ they hopped. People hire job hoppers. If they didn't then they'd (by definition) stop job hopping. Sure maybe after the 10th hop it'll catch up to you but by that point (in this scenario) you've had the equivilant of 10 14.8% raises which IIUC is a total ~404.6% raise. So you're now "stuck" at a job making 4x what you did 5 years ago.
10 raises at 14.8% each hop is 1.148^10 or 3.976 not 4.046
But still, you end up at about 4x
In this market there are always companies who will hire someone who job hops, but that doesn't make it a good idea.
However under normal circumstances job hopping will plateau pretty quickly, and if you don't have a promotion it starts to look pretty bad to hiring managers. I certainly would never hire a staff engineer who was not promoted to L6 equivalent in a company with a strong tech reputation.