Yep, for sure.
Of course it's all a little more complicated than that. I was poorly diversified for years and let those stock options ride, and it doubled every year for a few years so that worked well, and I did take some off the table. But there did come a point where I knew I had enough, sold some and definitely considered cashing totally out and leaving, but I didn't. Part of it was not quite being mentally ready to leave, part of it was OMY greed, and part of it was, why not wait for a free 2% bump just by waiting to make the planned move? I remember talking to others at work in the same position, and we agreed it was a bad idea to have most of our eggs in one basket, but it was a golden basket! Until it wasn't.
In the aftermath of the bubble burst I got a lot more diversified and am now what I consider totally diversified (most in VG Total Stock, Total International, Core bond, and CDs). Taxes are a consideration but not an overriding factor in my decisions.
It is by far the financial decision I most regret, though when I look back it's possible it could've worked out worse. I could've cashed out and quit, but might have continued investing in dotcom stocks, and lost a bundle when that sector crashed. Then I would't have had enough money, and without a job and in a tougher market to find one. The way it worked out, I was able to rebuild and still retire before 50.
I try not to dwell on what could have been had I cashed out and properly diversified immediately, but rather move on and learn from those big mistakes.
Anyway, that's getting off topic, and most people who are moving to a lower/no tax state are just looking to reduce tax on retirement income, but it is a cautionary tale how the tax focus can lead to greed and poor decisions. I would put leaving friends, family and a positive environment for tax reasons as another decision that might have a poor outcome.