This LR was about cost cutting
PIPs are for low performers
Apples & oranges.
Could someone be PIPd during the LR? sure. Simple example could be that the role is necessary on the team and couldn't be justified to eliminate, but the person in that role is a low performer and hasn't made the effort to improve. PIP is the tool to get them to go, and typically it includes an incentive to leave.
Expect more PIPs in the next Talent review cycle.
Ironically, aren't most of you usually complaining that Cisco isn't getting rid of the dead weight? And now you're mad that Cisco is increasing the usage of PIPs? Maybe you're just serial complainers and perpetually miserable?