> The alternative is a fundamentally different IC performance review process (and interview process) above a certain level
What would that process look like?
Perf reviews these days are basically, "Did you do some important/useful things? Did you tell other people at the company about those things so they'd benefit, too?"
And interviewing (other than the inane hoop-jumping of getting through the recruiters, and the subset of interview loops that focus on LeetCode) is largely, "Can you write a bit of decent-looking code? Can you design a globally distributed self-healing system without being a total buffoon? Can you demonstrate some semblance of introspection?"
There's some bureaucratic fluff surrounding it all at the larger FAANGs, but it does seem largely reasonable overall — especially if you (or your manager) are willing to cut through the red tape.
I could see a fair number of improvements and tweaks to be made, but... fundamentally different? You want to throw everything out and do it all differently?