In a past life, I was part of calibrations for L8/L9 at a FAANG. Even though "impacts the industry" is part of the spec, it didn't come up in calibrations I sat in on. Major impact on the most important company initiatives was really the bar that I saw, but writing a bunch of code definitely did not meet the bar.

Performance ratings seemed to either be "Met" or "Greatly Exceeded" as the work of these folks often spanned multiple review cycles, so some stuff my be In Progress & On Track for one cycle, but has landed and achieved impact in a following one.