I think a lot of companies have ineffective ways to measure productivity, poor management (e.g., people who were IC's then promoted to management but have no management training or experience), incentives aren't necessarily aligned between orgs and staff, so people end up with a perverse "more headcount" means I'm better than Sandy over there. Leadership and vision have been rare in my professional life (though the corporate-owned media celebrates mediocrity in leadership all the time with puff pieces).

Once you get to a certain size company, this means a lot of bloat. Heck, I've seen small(ish) companies that had as many managers and administrators as ICs.

But You're not wrong, I'm just pointing out how an org that has 4k people can lay off a few hundred with modest impact of the financials (though extensive impact on morale).