Alternately, I think a lot of companies are using the spector of a recession as cover for reducing unproductive or unnecessary headcount.
Over-hiring is an issue that's difficult to correct. If you do a round of layoffs, the perception is that you're in financial duress. This can affect investor and consumer confidence.
It's also difficult to explain to the public and to employees "oops, mia culpa! We asked you to upend your life to take a job with us, but our bad, we don't really need you."
I see it as similar to the way a lot of businesses implemented cost-cutting measures during covid that they had very much wanted to do, but couldn't because of the worry that they'd lose a competitive edge. Many of these measures had nothing to do with public safety and everything to do with cost cutting.
