If I have to be ready for a lay-off tomorrow. I'm basically going to be spending time leetcoding instead of actually working on the hardest problems or thinking about them. Being an engineer doesn't mean you work a 9 - 5 job, your work creeps up on you during off-hours all the time.

Also, if I'm leetcoding consistently, I'm going to be switching jobs as soon as I get a large enough bump.

This industry doesn't reward loyalty and you're recommending that engineers be ready to leave on any given day.