No. Reciprocal loyalty is dead.
If you work in SV, you can likely walk away from a tech job you can't stand and have another tech job inside a week. Some people can do it the same day.
If you work in Omaha Nebraska, you can walk away from a tech job you can't stand and have another job inside a week. At Pizza Hut.
There's a huge benefit to the worker to being able to switch loyalties quickly in an industry which is notoriously disloyal to their workers; some people's notification comes in the form of them coming back from a trip and finding that their badge no longer opens the door.
There are also economic factors. First, it's very east to relocate from San Francisco to Omaha, because it's an economic downslope. It's very hard to migrate from Omaha to ... well, anywhere ... because it's an economic upslope. The equity in your house or condo will convert out nicely, going one direction, and will end very poorly going in the other.
Finally, there are the social aspects; I'm not just talking about nightlife, or the bar scene, or sexuality issues, I'm talking about having a group of friends and acquaintances with whom you can maintain face to face contact, who are able to help you out in a job search, which simply doesn't exist, if you're looking for a tech job, but don't live in a tech Mecca. It's just not going to happen. So when your company is disloyal to you (read: let go, RIF'ed, laid off, temporarily cut back, or any of the other euphemisms), there's no reciprocity.
Gone are the days you could move to Southern Utah, go to work for Browning Arms, and write IBM 360 assembly code happily until you hit retirement age, and then collect your pension for the remainder of your life, in happy retirement. Even IBM has moved to a cash-balance pension plan, instead of a fully funded pension plan. Jobs for life are a thing of the past. And relocation, when it happens, is generally a long term thing. IF jobs don't last as long as the relocation does, and there are no alternatives: no thank you.