I think an important part of the "golden handcuffs" is the employee's sense of deep expertise and importance at their current company, especially if they were a

I think an important part of the "golden handcuffs" is the employee's sense of deep expertise and importance at their current company, especially if they were a very early hire. Coupled with a bit of impostor syndrome, this can create a huge gravitational well where the employee sticks around even in a bad situation. They are afraid that by switching they will take a huge "demotion" in terms of their overall importance and the weight of their decisions in a new team/company.