What's the alternative, exactly? You still need some way to tell people whether they are promoted or how big a bonus they get and why it happened that way. Whether you call that communication a "performance review" or not seems like an irrelevant detail.
Most performance reviews are basically convoluted ways to say: "Do I like you?". Actual performance has miniscule effect on the rating, maybe only in a decision if one should be let go or not, but even excellent results won't save one if they aren't liked. I have seen many top performers single-handedly building branches of business being let go when they finished and somebody wanted to claim credit or push their fri…
Not one sentence about my work as a software engineer; not one sentence about specific interactions that were problematic, or whether or not I had been reported for anything. Just vague as can be.