I agree OP, I don't want to see anyone lose their jobs but I am not going to actually worry about if these people managing these studios are doing a good job. If you are a good employee you will hopefully find solid employment.
I feel like the industry needs a reset and budgets need to reduce. I don't care about super, super high end assets. Sure they look nice but I am probs gonna spend 20 to 100 hours on a game full stop then move on. Whatever they need to do to sort this all out then do it.
I do think Execs need to be held accountable to these fuck ups though.