I’ve seen this personally in companies that had 20 people all the way to the US’s second largest employer. Not to mention, it’s much easier to get a promotion by changing employers than going through the internal promo process.
Unless you are working for a non profit, everyone mostly cares about money. Any halfway competent interviewee knows how to fake “passion about the mission”
I’m 50 now and I do value things more than money about my company. An equivalent position to what I have now pays 30%-40% more at AwS (been there done that) or GCP (I’ve turned down recruiters and managers). But I value autonomy, my real usable unlimited PTO, having influence on the company direction, work life balance etc.
I can make those choices. When you are young and just starting out you can’t and honestly you shouldn’t.