The fundamental issue is that in almost all larger companies, upper management does not trust that their employees are either intrinsically motivated to do a good job, or are smart enough to determine what "a good job" is.
So rather than having a chain of trust from upper management to middle management to individual contributors, they seek to create a measurable control system. This inevitably replaces people's intrinsic motivation to do a good job with an extrinsic motivation, which only poorly represents the company's actual goals. At this point, most people are no longer trying to do a good job, they're instead trying to make their numbers look good.
Upper management has effectively replaced real, meaningful work with a game where everybody tries to score points, and the people who don't participate in that game are eventually stackranked out of the company.