I quit jobs when, for one reason or another, they begin making me actively unhappy even when I'm off the clock, or (more usually) I don't feel that my skills are improving and expanding at my current job.
I personally cannot wait for the market to improve so I can be compensated fairly. Pizza parties while the product, sales, etc teams get massive bonuses because "studies show employees wont ask for more money when they're appreciated" is a hyper-dense sphere of pure bullshit. When inflation stops effecting me and I can buy food with appreciation I'll care more about it. The best way to appreciate an employee is cold, hard cash.
You're making an incorrect assumption here. This has been my pattern even when I had to worry a lot about compensation. There are worse things than being destitute.
I don't know your personal situation, however, I do think more people are capable of finding themselves a better position with more opportunity than they think they are. If you think you are stuck and that's stopping you from looking for better opportunities elsewhere maybe you are have more opportunities than you think you do.