I think there's a lot of "monkey see, monkey do" going on in the corporate world.
Also, shareholders and all that.
Intel doesn't have a meme-stock/vibe-stock thing going on at the moment (think Elon and getting to Mars by 2030, or robotaxis everywhere by the end of 2025 etc).
So I guess downsizing seems to be the only potential appeal for them right now.
Disclaimer: I know nothing