Steady and stable shots is one key filmmaking technique that can make or break a shot. Most notably in student films, the cinematography can give it a very "amateur" look. In the past few years with the DSLR revolution, because so many people bought cheap, entry level DSLRs and used a non-image-stabilized kit lens, there was a very noticeable jitter in every single shot that wasn't professionally stabilized.
Nowadays, there are many viable options to help stabilize cameras. The DSLR revolution is fading out, as the craze to get the cheapest DSLR isn't as popular as it used to be. Image stabilization in lenses has gotten better, and there are a multitude of semi-professional, slightly expensive camera stabilizers. The most popular, the Glidecam, provides an impressive level of stabilization for a fairly small and inexpensive rig. There are larger and more robust systems that get you an even more stable shot, but more often these are designed for larger and heaver camera systems with cinema-quality glass, storage, batteries, and more on one rig.
There are now systems like the Movi and Ronin that allow consumers to get near-Hollywood level stabilization in a package that won't destroy your bank account. Renting them is an even more viable option now.
Overall, there are many more stabilization packages than there used to be. As cameras themselves, and software solutions get better, We'll be seeing less DSLR jitter, and more Hollywood-level smoothness is our shots.