I used to think this too, but now my position is more nuanced. Certainly you need to have shown you have a passion for technology that goes beyond the norm, but there are other reasons you might not have lots of recent code outside of work. Maybe you have a family. Or maybe you have such a fulfilling current job that you don't feel the need to supplement it with extracurricular activities. Maybe you are interested in developing non-technical skills that would make you more useful in the future. Etc.
But some positions do require that Olympic athlete mindset. For other positions it's a detriment.
But some positions do require that Olympic athlete mindset. For other positions it's a detriment.