Any measure like a PIP is an attempt to reinforce a political/power structure. Where "mismatched expectations" indicate that it is not clear whether the behavior of the employee or the manager -- specifically, whichever manager has some part in that employee's success within the organization -- is the larger contributor to the failure to meet expectations. Most organizations are notorious for a systemic inability to distinguish one from the other, defaulting to laying the onus on the employee. So "working like hell" ends up as "effort expended in the wrong place." On the part of both parties. An "honest PIP" would be one where the intention is perceived as good, even though the need for a formal process is the result of some other weakness or failure where the net result is a less robust relationship, overall.