At my job, we take peer feedback quite seriously. It's not used for promotion (or dismissal), but we are encouraged (and do) give each other feedback regularly to help us all grow and learn, because getting better at our jobs is how we get pay rises and promotions.
The thing is this only works when you have high trust teams and you only hire high trust people.
I can imagine in teams or companies that don't have this, peer feedback can not only be toxic but also used as a weapon.
This made me wonder what your jobs are like? Do you look out for each other (via constructive helpful feedback) or is it a case of "get lost, you're not my manager" kind of thing?