I've seen it both ways and I think it comes down to the quality of the company and the manager - which, of course, varies widely. A good manager doesn't need PIPs because they're always communicating clearly and consistently to their reports about how they're doing. Ultimately, PIPs exist due to concerns about legal claims for wrongful dismissal which can be hard to defend if there's no clear paper trail of documentation.
As expected, a management process mandated by HR and legal concerns instead of just modeling on what great natural managers do is going to be hit or miss and sometimes go horribly awry.