It’s this. When boards and non-tech savvy managers start making decisions based on a slick slide deck and a few visuals, enough will bite that people will be laid off. It’s already happening.
There may be a reckoning after, but wall street likes it when you cut too deep and then bounce back to the “right” (lower) headcount. Even if you’ve broken the company and they just don’t see the glide path.
It’s gonna happen. I hope it’s rare. I’d argue it’s already happening, but I doubt enough people see it underpinning recent lay offs (yet).