I'm pretty happy with how PIPs work.

The first and last time I was put on a PIP I went into early retirement the next day. In doing so, I caught the VP Eng who did the PIP completely flat footed. It turns out they did the PIP against the advice of their boss, the CTO. Egg all over the VP's face. The VP got canned 6 months after that and had to scramble to find another job while I was at the beach.