Absolutely bonkers that doing the job you were hired to do can get you canned
For that team at least, the job you were hired to do was to get results. I imagine OP was referring to people simply putting time on the clock and being just present enough to avoid notice, without actually caring whether they were getting the same results a full level of effort would achieve.
Even at the best run companies, if the financial situation changes, you'll be gone through no fault of your own.
People that get emotionally and psychologically invested in someone else's company do themselves a disservice, typically only learned the hard way.
When you work at a FAANG, you know you'll be sacrificing some of those benefits and taking on more stress for much higher pay. The current climate is much worse than that though. It's a complete no-empathy/give-no-fucks environment, and that's not ok. Garbage in, garbage out.
I'm not looking for a hand-out, I just want to be treated as a human being. In return, you'll have a productive employee.