Seeing more folks pushed out for 'performance'?

Lately, it feels like there's a lot more emphasis on performance improvement plans (PIPs) and then people being 'managed out' for not meeting what seem like increasingly difficult targets. It's not outright layoffs, which are usually announced with some fanfare (or lack thereof), but it's definitely a way to trim headcount. Anyone else seeing this trend? It makes you wonder if the pressure is coming from the top down to reduce the overall workforce without the 'official' layoff headlines. It's creating a really anxious atmosphere on the teams I'm on. People are more guarded, less collaborative, and just trying to keep their heads down. It’s tough to watch good people leave, especially when the stated reason feels a bit like a convenient excuse.