I guess, it doesn't really matter what the company calls this process or how it's presented, only how it is conducted. If you even mildly agree with the reasons presented for it, and you get positive feedback soon, it may work out, otherwise it most surely won't, regardless of the honesty behind it.
Not necessarily feasible in all situations. Sometimes a seasoned professional is only able to find out about culture fit after working there for a while.
Like Chris Lattner recently found out that he didn't belong at Tesla.
https://mobile.twitter.com/clattner_llvm/status/877341760812...
Working like hell does not help if the effort is expended in the wrong place. That's where the first 1:1 will be a clear indicator if the correction is working or not - if it's not working it may be a failure of a honest PIP, or PIP dressing up a decision that has already been made. But honest PIPs exist, and sometimes they do work to solve a problem that was not being solved by itself.