I worked at a place like that before. A lot of people were grumpy that they were not progressing. Some of them were probably right; some were probably wrong. But it was clear to me that having a concrete thing to aim for (a new title) mattered. A lot.
I take it that wasn't the case at Palantir. Since I'm convinced that all humans are status-seeking, I'm curious how Palantir satisfied that urge, if not w/ title differentiation.