> it was strictly based on who was paid the most (below the managerial level)
The "(below the managerial level)" part is the problem and the reason it is outrageous to people invested in a company but not in a position of power (such as the actual developers/engineers, even in a tech-centric company, at least once it has grown to a given size).
A lot of times what you'll see done is structured more as a reorg than just a straight layoff, where if they need to trim $xM from the budget, they'll start shrinking and eliminating teams at the IC level until they reach .7-.8 of that figure, then see how many "extra" managers they have and start trimming there, typically just based on seniority rather than pay. Rinse and repeat until you're at .9-1.1x depending on how many people you think will resign after the layoffs.
The "(below the managerial level)" part is the problem and the reason it is outrageous to people invested in a company but not in a position of power (such as the actual developers/engineers, even in a tech-centric company, at least once it has grown to a given size).