My uncle told me to quit chasing promotions and I still think he's wrong

My uncle Dan has been at the same insurance office in Dayton for 22 years and last weekend at a cookout he told me I was wasting my 20s by job hopping every 18 months for a 10k bump each time. He said the guy who stays put and becomes the go to person ends up running the place while the jumpers end up starting over at square one in a new cubicle. I get the logic and I know two people who did the climb and made VP by 35. But here's the thing, I stayed at my first job out of college for 3 years and got a 2 percent raise and a pizza party while the new hires came in making more than me. Dan's company also gave him a pension, which basically doesn't exist anymore, so his playbook was built for a game that ended. I think loyalty only pays off if your company actually rewards it in writing, not in vibes. Curious if anybody here stayed put and actually came out ahead, or if the jumpers are the only ones getting real money anymore.