In the US, it's just assumed that the ex-employee will be as malicious as possible and so it's best to get rid of them fast as possible.
Think of it more like a severance package and it makes more sense.
The employee to give him some time to find a new job (he is entitled to some days off during these 3 months to interview).
The employer to (at least theoretically) force the employee to still work to prepare a handover, docs, etc.
What happens in practice depends on the case : these 3 months may be shortened via a mutual agreement, the employer may force the employee not to come to work (but still pay him) and other arrangements are possible.