Here is the State of Affairs, as my girlfriend explains it.
Most of the actual jobs are done by G5s, G6ses and G7s, G8 and above are sitting on the endless meetings and endlessly talking, and talking, and talking... Not working. This continues for decades.
PE are good ONLY in Office 2013/2016, namely in Word and in Excel, analyzing bunch of (usually useless) data, making drawings, tables and PORs, and forever presenting these data to management.
Some of these HW PEs are not able to make on the paper Karnaugh diagrams, neither to understand what is term "Open Drain" (as example). Most of SW PEs are not able to understand single line of asm or "C" code (as other example).
But these PE VIPs have one most valuable skills: they are very good asskissers to high and executive management. And, yes, do not name it, there are more beneath the hood... You can just imagine!
When comes to let go, who is chopped? G5s to G7s. Actual hard working people.
Let it be. States of Affairs are not so different in other IT corporations/companies, just to kill The Hope. Hope dies last... Indeed!
In INTEL, Hope NEVER dies, does it? :-)