> Why would anyone stick around for that?
Lots of reasons.
First of all, job hunting takes time and effort. If you're rusty at interviewing and need some practice, then even more so. People that have kids or other responsibilities outside of work have even less of both available. On top of that you have to face rejection, which for many people is emotionally difficult.
Secondly, even if everything goes well, it's still a substantial risk. The new job might seem great at first, then turn out to be a nightmare a couple of months in. The old job might not be ideal, but you're used to it, and know you can live with it -- it's the devil you know. Same way that couples often stay in unsatisfying relationships for years, because it seems better than risking ending up alone.