I started reading “The Phoenix Project” by Gene Kim. And in the first chapter itself two people from the IT department get fired, and the author is forced to takeover the CIO position. Damn, now I’m shook. Is Tech really that much under appreciated and management that much hostile ?

Yes, that book is a documentary like Idiocracy.

Short answer: yes

Long answer: I believe the book itself is mostly fictitious, but anyone in the industry can probably identify with the characters since the situations they deal with aren't so different from what we deal with in real life.

It's a bit exaggerated for dramatic effect. But generally, yes, not far from reality. Especially in corporations where the main product isn't software. Think telecommunication providers and such.

@VaderNT I work for an Insurance company and I can definitely confirm what you said about companies whose primary product isn't software. Things are getting a lot better now (mostly because I finally have a good manager who's willing to fight back against unrealistic expectations), but for a while it was pretty messy.