Every person I know who was put on PIP has been fired at the end of it. This includes people who shouldn't have been put on PIP in the first place as well as those who have worked hard and improved immensely. If people like that are getting fired, then what are the chances of anybody surviving PIP?
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PIP is a means to avoid a lawsuit and is the final step before they fire you. I have been on both sides of it. As an employee, I could see the handwriting on the wall and resigned (happily) from a bank that later went through a reverse merger and kept my banks name (they closed our whole loan/IT/trust operation). My boss was unhappy that my tasking on a project they hired me for was a mess (thanks IBM) and felt I wasn't up to doing other projects they didn't hire or train me for. I let him have it with HR on the the way out the door. As a manager at a different company I put an employee on PIP He passed his PIP and we kept him until we caught him in a total lie with a customer. My boss fired him while I was on vacation.
Don't waste your time completing your PIP! You are on your way out anyway. Put all your energy into finding a new job, and don't hesitate to jump, they won't hesitate to get rid of you!
Also, don't accept any of the negative performance reviews, always question everything, assume your manager and HR are hostile towards you, escalate this, not so you get a fairer deal but to buy more time. Your time is up, now it's a question of getting enough time to find another job...
Also do not hesitate to take sick days on the pressure exerted on you and get your mental health documented! these things HR (especially in Europe) are powerless to control, and you can easily get 4-6months in sick leave giving you plenty of time to find another job....
I mean... it's pretty rare, in general, unless you're just a lazy sort who finally had some sense instilled into you. Generally, if you had the ability to live up to the PIP, you probably wouldn't have been placed on a PIP in the first place. Doesn't necessarily mean you're a bad person, or even a bad employee, in general. Just means you aren't a good fit for that role.
Separate problem: Companies using PIP as staff reduction and pretending it isn't being used that way. In some companies you have teams where everyone is strong in a role... so whenever it comes time to make cuts you have to make decisions the best way you can. So yeah, in cases like that, you could have people who really don't deserve to be on PIP in any general sense... who don't make it. They could be amazing at their jobs, but surrounded by folks who may be just a tiny bit more amazing, or have some other reason to be kept around a little longer.