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In my opinion, the reason for job hopping is there is less company loyalty to the employee and in turn, less loyalty of the employee to the company. This isn't true at all companies, but in many lines of work, there are no pensions. That right there is enough reason to seek the highest compensation possible - and therefore - job hop.
Another reason is that some companies don't do as good of a job at logistics as other companies. While overall employment at a company may hold steady, there is a crest/trough trend of specific talent. The company might hire many people to do a job for the first phase of a project, and then lay them off when the next phase starts, because their services are no longer needed.
Instead of trying to streamline, employees are merely resources. And I get that.
But in turn, employees see companies merely as a "resource" for a salary. And they will hop to whomever offers the best compensation.
I haven't read through this whole thread yet so I don't know if this has been address (probably), but...
... a major reason for job-hopping is that companies don't want to invest in cultivating their own workforce. They'd rather just keep poaching talent from each other, and they use money to entice ship-jumping. Consequently, employees who job-hop end up increasing their salary at a quicker rate than those who stay put.
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