I have had good managers, but for them, the performance review process actually tends to hamper them. A good manager who knows all the people under them are amazing and then has to stack rank them is going to make someone mad. Your manager only has so much power. Then it's their manager, and their manager. Managers don't have infinite amount of social capital, or even the amount they deserve. Some have too much.
I agree, performance reviews can be a time to get feedback and make changes, but in general, I find the continuous feedback (from standup/team, customers, daily work, incoming types of bugs) much more useful. If anything, I feel that my written reviews have had a lot of dissonance with the financial results or lack of promotion. Many times I can have glowing written reviews, but due to stack ranking, budget, or whatever other excuse they want to use, many times it just doesn't line up with results from management. And it's impossible to hold management to account in general, which is why HR is there.
So when you're doing bad, performance reviews are a stick. And when you're doing good, they dangle the carrot, but many times you can't grab it. Then they force everyone to do mandatory training about how objective the process is, even though it really isn't. And that level of gaslighting has spelled the end for many good employee/employer relationships IMHO.
