It's not OKRs. It's management as a whole. Whatever they do it turns into bullshit, because they are all bunch of bullshiters. Waterfall, Agile, Sprint, Performance Reviews, doesn't matter what. They all turn into Bullshit because they are applied by bunch of bullshiters that usually have no clue what they are doing, but they would like to keep their job.

Generally people on all levels are incompetent most of the time, but in management your incompetence just have a bigger blast radius, while the consequences of it are vague and much easier to blame on something else.