There seems to be significant opportunity to zig as others zag. Imagine the Intel letter saying "we are going to take advantage of the current hiring environment to scoop up talent, and push forward on initiatives."
Broadly speaking though, I think you’re experiencing confirmation bias to some degree. If you only look at companies that are on the struggle bus, then you only see a limited number of levers that management has (RIF, delay CapEx, etc). Other struggling companies that don’t take evasive maneuvers go out of business and we don’t hear the story.