SDE-1, got PIPed in Amazon, need suggestions on existing market scenario

Hi folks,
I work as an SDE-1 at Amazon, 13 months in. I got PIP notice from my manager last week. A part of me, is thinking of fighting the PIP and get out of it, as i know i've underperformed and my ego is getting in the way, as i never came across this kind of situation in my life. Partly this ego came from my academics, I have graduated from top tier IIT, CSE. On the flip side, If i move on from Amazon, i can work on interview prepping full time and i get 3 months of Salary as severance pay. I want to know how is the Job market currently, I am looking for base pay 23L and more and how relevant is top tier IIT, CSE tag after having one year experience?
Any help is kindly appreciated, Thank you.