That would be for the best as well.
Enjoy companies never hiring anyone because they'll be completely unable to let them go.
On your larger point, looking at countries with pretty strong worker protection, companies still have a flurry of tools to punish or get rid of workers that are way below their expected performance or crossing lines. "We can't fire people" is basically a myth, or what people really mean is "We can't willy nilly fire people like they're cattle".
I've seen people fired on the spot after heated discussion with the direction or people let go following a month or two of HR monitoring. The company only needs to do its homework and properly document offenses, follow the processes, or pay the full price if it really wants to get rid of someone with no objective reason.
The US (EDIT: given this was in Canada, clearly the US isn't as extreme an outlier as I thought) is a pretty extreme outlier in how it allows employers to deal with redundancies, because almost every other developed country recognises there's a massive power asymmetry.
Immigrants are paid less than locals… do you think that is fair?