I find the accountability aspect interesting, but I think I'd have to disagree in regard to lack of consequences for low quality work.

I've seen quite a few situations where people were let go when they weren't pulling their weight, made too many mistakes, or simply failed to stay current.

There might have been a time when those consequences were masked somewhat due to the sheer lack of bodies and when ever under-performers could find work, but I'm not so sure that's the case today.