Well sounds like they are broken then. Also various does not mean all as there are orgs out there poorly setup and poorly run.

If you go over to some of the workplace subs you will see plenty of companies that are run terribly.

In my career this has always been a standard I have run across and I work in tech. Heck where I started my career they only did company wide reviews of Sr Director and up otherwise how teams were run were left up to that specific manager/director decision.