Reality check time, You’re on your way out buddy. Companies don’t use PIPs as a last resort anymore, 99% of the time it’s to build the case to let you go without any blowback / unemployment and based on your history it sounds like this was a long time coming and you knew it. You didn’t get the other role because your current manager most likely gave the other team a heads up. Your only real option is to look externally at this point so it doesn’t really make sense to me why you wouldn’t at least try, If you’re in a big tech company what exactly makes it complicated to switch? If anything that should make it easier?

I don’t think this is a good thing, way too easy to abuse, spread misinformation, or sell a post to advertisers