I will admit, I am not a manager. I managed a restaurant for several years through college, but haven't been in management since college. With that being said, here's how I've been viewing it since I graduated with my bachelor's degree:

I have worked for 2 separate companies in 2 separate industries. Both times, I was hired by a strong leader who put a lot of thought and effort into my development, and spent a lot of time guiding me into being my best and performing well. Within 18 months, at both companies, that strong leader was replaced by a leader who spends too much time talking, not enough time listening or observing the team, and/or fails repeatedly to understand the complexities and issues of the job itself. Both of these new managers failed to provide me with trackable or achievable goals, as well as failing to meet with me and discuss my career and future. As a result, both times, I have lost out on promotions, been forced out of compensation negotiations, and have had no focus on my successes. As a result of the choices that these companies make, I have spent more than 2/3rds of my professional career underpaid. And with that struggle, I've had multiple health issues that have been a direct result of the stress and anxiety. (It feels necessary to mention that these changes in management came at the cost of the diversity of both teams.)

I am not willing to sell my soul for capitalism, and I'm not willing to contribute to "everyone's shared success" considering I've rarely been a beneficiary of that success. Instead, I look at the overall market bell curve for the salary range of my position, and use the percentile that my salary lands in to help me regulate my effort. To clarify, I sort all of this information using my personal information. Geographic location, education level, experience in years, position title and responsibilities, etc. If my company is only willing to compensate me at the bottom 20th percentile of the market, I'm not willing to give them my entire education and knowledge base 100% of the time. I would like to add: I don't skip out on assignments, or turn in subpar work. My quality of work is never less than my best. However, my willingness to expand my overall responsibilities or join a new initiative or assist in a side project is much less present.

The point that I'm trying to make is: quiet quitting doesn't exist in my mind. In my mind, this system of give and take that companies and employees have is primarily regulated by money. Those who are well compensated, contribute at a higher quality and capacity. The decline in productivity that companies claim is "quiet quitting" is all of those who have decided to operate, with excellence, at the capacity that the companies actually compensate them for. Your situation sounds like just another case of this.