Metrics are often a substitute for judgement, or trusting someone to use their judgement. (Or evading responsibility for using judgement)
Sometimes judgement gets in the way too, though, or gets clouded by motivated thinking, or wraps itself in authority to mask neglect or malice.
Everything can be done well or badly, but there are very few good managers out there and even fewer good environments to work in, so yeah, most of the time it's just a decent into hell. :(
"Metrics" and "objective" performance reviews and whatnot are just ways to backdoor micro-management and loss of autonomy in professional fields. Partly they exist for some good reasons (purely subjective measures are horrible for retaining institutionalized prejudices) but there are better ways.
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Sometimes judgement gets in the way too, though, or gets clouded by motivated thinking, or wraps itself in authority to mask neglect or malice.
(Sorry, couldn't help it)
It's called the American education system.