I think it can be any of the factors you named. It all depends on your own circumstances.
General rule of thumb - never do the same role for more than 3years. Always look for a promotion or move to a different department to acquire new skills. Alternatively move to another company in a same role for higher pay cheque.

I think if you are a freshie, you would need to suck it up and get the experience and network.
It's very competitive and will be even more going forward. Welcome to the rat race.