Some interesting quotes:
Right now, 82% of Vanguard's 401(k) plans require the participant to cash out [or rollover] when he/she leaves for another firm, if the 401(k) account balance is between $1,000 and $5,000.
In 2019, an estimated $92 billion typically leaves the U.S. retirement system annually due to job-changing participants, who cash out their 401(k) savings programs when they switch employers
[RCH] automates the movement of an employee’s 401(k) savings account from their former employer’s plan into an active account with their current employer’s plan
https://riabiz.com/a/2021/9/24/vanguard ... ollow-suit
To me, this sounds like a great change and hopefully more brokerages also opt in to this system.