Most contracts with a notice period still allow the company to just pay it out and send you home on the spot.
You even have a contract when you are buying a piece of candy at the newsstand.
(At least in the common law world. In eg German law technically you have one contract for the piece of candy, and one contract for each individual coin you are handing over. See https://en.wikipedia.org/wiki/Abstraction_principle_(law) Germans are a bit crazy.)
> At-will employment is a term used in U.S. labor law for contractual relationships [...]
Emphasis on contractual.
Or am I missing something?
A contract that can be dissolved at will is still a contract. Just like you can cancel your Netflix subscription at will, and it's still a valid legal contract.
Paying out a notice period is very different from severance pay. I can assure you that AirBnB does not have a 14 weeks notice period.
(American companies also pay you out the notice period, and some send you on gardening leave, if they want you out of the office. But notice periods in America seem to be generally shorter, like 14 days, for most more junior jobs. In the UK one month seems to be more standard?)