That's pretty standard for the United States. On the flipside, it means the employer isn't required to keep employing you no matter what. Most unions will negotiate it (this is why Police go on paid suspensions instead of being fired, it's part of their CBA), but the vast majority of us aren't members of a union. Furthermore if you're terminated without cause, you're eligible for unemployment.

In practice companies don't fire people left and right, and people don't live in constant fear of being terminated if they're providing value to their employer, or their employer isn't toxic.