I noticed what you describe 5 years ago.

Since then, not only have we lost autonomy, but there was no top-down direction to begin with. And there is none now.

Nobody knows what the next incentive to chase is, so they're liquidating headcount and engaging in fraud to appear profitable.

(re: fraud, I'm learning the hard way why my own employer's stock price dramatically improved-- ever since they switched to stack ranking, they just make shit up to PIP and deny severance ahead of layoffs.)