These folks are simply buying smaller companies, gutting their staffs, and demanding the people left behind give herculean efforts to cover the workload (even before the pandemic.)
My previous company wasn't perfect, but when they got bought by CB, it went downhill fast. Every time someone quit or got the ax, they look at the rest of the team and say "well, we know it's going to be hard, but you all can cover the extra workload." You might lose 10% of your clients, but 90% of your staff. So you end up doing the work of 5... 7... 10 people. No raises, terrible benefits, no 401k match at all. Leaving CB was the best thing that ever happened to my career.