Maybe start by having a sustainable growth (or you know, no growth!) so you don't have to write a completely emotionless letter explaining why you have to lay off a whole village?
The morality here is hard because the end results are largely driven by the system. Sure, there are some leaders who are particularly ill-suited for their jobs from the employee POV. Unfortunately some of those leaders serve their investors quite well.
If you point one finger, you'll quickly realize you might need many more to follow the interconnected trail of power.
Also let's not forget that so much of Silicon Valley's advantageous job market is linked to investor behavior, good and bad. My point? Sure, criticize these feaux-emotional layoff letters, just don't forget to look back to see the reality distortion field already in place when you joined that job.
I think many employees and investors care about employee retention. I don't know how much it factors in, but it is something.