What's the point of being loyal when you get more money for job-hopping, and your current company will hire a new person for much more money than they're alread

What's the point of being loyal when you get more money for job-hopping, and your current company will hire a new person for much more money than they're already paying a long-time loyal employee doing the same or more advanced work? If they want loyalty, they should demonstrate it themselves first.