As an individual contributor, there is a maximum amount companies are going to pay you based on the local market. A company in Dallas for instance isn’t going to pay you $200K as a software developer more than likely.

This is a good answer. Jumping ship frequently works very well until you hit the plateau for your local market. I don’t have the data in front of me but my job changes early in my career netted me raises of sometimes 50% but each subsequent one increased less on a percentage basis. My last job change was +0%. There is definitely an invisible ceiling in effect.