Layoffs usually occur within the wider context of a more cost constrained/austere environment.

Essentially the high performers understand that they'll be expected to do more with less (people, resources, benefits, ...).

Likely the layoffs won't affect the layers of grifters above them, so it becomes a question of whether they really want to work harder for little or no personal gain, just to support the layers above them who are making and being rewarded for the bad decisions, or whether the high performers should look elsewhere for something more aligned with their personal happiness.