I hate to break this to you, but the decline of company-employee loyalty started 40 years ago, and even before that it only existed as a result of unprecedented post-war prosperity and lack of global competition.

This doesn't mean that it's all downside for employees though. Amazon grew a huge business and paid their corporate employees top of market with huge upside over the last 20 years due to their phenomenal growth. It was a very good deal for those who worked in Amazon corporate over the last 20 years—a lot of people got richer than their parents ever could have gotten in the previous generation of more stable corporate jobs.

But make no mistake, Amazon is not a magic pot of gold, they still have a P&L like any other company. 17,000 employees are not cheap. Amazon grew from 800k employess to 1.3m and then 1.6m at the end of 2019, 2020 and 2021 in response to the pandemic. It is to be expected that their forecasts were not completely accurate in light of the generational event and tech sea change that the pandemic brought. The fact that people are scandalized by this is indicative of how insane the 12-year bull run for tech really was.