I would agree FAANGs are an exception who have historically hired almost exclusively academics who hire other academics, and it shows. They let many coast for years at a time and get away with being a specialist unable to deliver value outside of their specialization or rapidly learn new skills. Many get the job with academic success and treat the job as a continuation of their academic career. Many get "tenure" and can do whatever they want and are effectively paid to just not work for competitors.

I know lots of people working at those orgs that brag about how well they get away with doing nothing of value and we all know these people (but of course not everyone is like that).

No offense but I do not feel the overwhelming majority of roles at these companies are delivering value to humanity apart from shareholders, or something most people should aspire towards in a career, and do not think most of the skills learned in these orgs are all that useful in the world outside those walls.

Also those same FAANGs are clearly aware of the above at some level and doing mass layoffs, or not replacing people who leave, and those workers are having a really hard time finding a home in the non-FAANG working world where they are expected to be highly motivated generalists.