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This is exactly it. I've been in tech for over 20 years and don't think I know a single developer with a portfolio. I can imagine new grads and consulting devs having one, but that's a shallow pool and probably not one OP intends to limit the search to.

I have a sizeable PDF with one. But mostly because I did freelancing. Larger companies are dismissive of them; they don't want you build a whole site, they just want you to add buttons to an existing one.

I'm not sure if it's the wrong approach, though. Some like doing things end to end, and these will find their place in small companies.

I would think most _full stack web_ developers probably have a website (if not a portfolio maybe a personal project or blog). Agreed though that making it a hard requirement would probably exclude some good candidates.