It's not so much a false promise as much as it is a bet that's failing.
Kyndryl has two major challenges ahead of it. The first challenge is that for a lot of clients, there are better and cheaper ways to manage their infrastructure than to have warm Kyndryl bodies do the work. There are automated cloud services (AWS, Azure, etc.), bringing work back in-house rather than outsourcing it, and other IT firms. The failure of this basic business proposition is one of the big reasons why IBM set up the spin-off company...they couldn't make it work anymore, and somebody else decided to take a chance and see if they could make it work.
The second challenge is the world economy at large...it sucks. Companies everywhere are shedding staff, both internal employees and contractors. It sucks that Kyndryl is going to keep on ditching people, but that's life...not only in the IT services business, but in the world economy in general.
Perfectly put, @grj+1lYtOzNx.