If it's the latter, I'd like to challenge the assertion that a PIP is necessarily the company trying to get rid of someone. In my experience as a manager, I've always made sure that PIPs are as honestly designed to get people back on track as could be. In, say, the last five years as a manager, and in my organisation of a couple hundred engineers, there were exactly two cases (and the key point is that I recall both specifically) where a PIP was primarily motivated to document the already extremely obvious (to anyone far and wide) underperformance and attitude problem. And even then, the managers in question had the professionalism to design the PIP to be eminently achievable.
Generally speaking, I find the likelihood of a PIP to be adversarial and/or a tool to be able to fire somebody to be much more strongly connected to whether there has been an adversarial relationship between the employee and their manager. For that reason, I found that it paid off hugely to make sure people move to different teams & managers and get a reset there before taking any drastic action. In the same way as people are said to leave due to their managers, not jobs, it's key to take that personal component out of a bad situation.
In my workplaces I would consider 2 PIPs over 5 years among 200 (highly filtered) engineers to be a normal rate, yet you are implying this is a small fraction of the total PIPs.
I'm not a manager so it is definitely possible that I'm unaware of many instances, but to have a pip for more than low single digit percentages of your workforce seems like a big red flag. Whether the motivation is cya or honest encouragement, a pip still means their current performance is unacceptable, so you seem to be describing a harsh environment (or a large collection of unmotivated employees, but the former seems more likely in this industry).
Can you clarify?
1. You're not really trying because you're used to the work being relatively easy. It means you need to actually try, and barring evidence to the contrary, you have no reason to believe you'll be fired if you shape up.
2. You're trying your hardest and the work just isn't good enough. This is a bad sign, and you'll likely fail to meet the requirements of the PIP so you should start looking.
3. Your company is using a PIP to cover their ass for legal reasons. In the US, this makes no sense at all, especially for folks in the $170k+ total comp bracket, because you can be fired for any or no reason (barring certain protected classes). It's unlikely the company is going to spend $100k to cover their ass if you don't fall into a protected class.
I have seen multiple folks at multiple companies put on PIPs both formal and informal, and I have never seen it used as a cover for someone to get let go.
Check your state. In my state, it is. Being fired for performance reasons disqualifies you from benefits. My company is "nice" enough that they openly state they will not challenge unemployment benefit claims if they fire you for that reason.
If you get unemployment benefits denied, especially in a very pro-employee state like California or New York, you certainly did something to justify it.
My point is that you should NEVER count on getting it, and especially not with getting in quickly. I got laid off in Michigan and was eventually accepted, but by that point I had burned through all my savings (I was pretty young, so there wasn't much to burn through) and already accepted a job here in Texas. It was a nice bonus, but didn't really help me with my unemployment situation in any way.