One underlying problem with these PIP type programs at FAANG seems to be that they have very high barriers to entry in the interview process, and then act like 30% of the company is underperforming and subject to an annual 6% cull.
There are industries & companies that have grown fat & lazy and could use a few annual 6% culls, but you eventually run out of fat. If you have a very competitive interview process and high compensation to attract the best talent, it is unlikely you have so many underperformers lying about to cull annually.
So really it's overhiring BS that is then getting taken out on employees. Given that, I think as has been pointed out by another commenter - the old Wall St model of doing one cut in one afternoon, calling people into an office and giving a severance is far more humane. Everyone understood it was about the numbers not about your performance, generally. Seems better than year round psychological torture of being at risk of a PIP, and then if being put on one knowing the most likely outcome is being fired. So you feel dragged through the mud and then having doubly failed (put on PIP & failed the PIP).
I knew a guy who moved from Wall St to Amazon and described the performance management / compensation system to be pretty rough and had explicitly described the compensation cliff and how a lot of people in the good years were proactively leaving, cooling off, and then coming back to reset the compensation instead of going over the cliff.