They care insofar as the collapse of commercial real estate is cited as a social harm of WFH by the elite classes outside the business that push RTO.

It's not an explicit decision making factor, just something that's in the background that has contributed to the overall idea that "RTO = good"

These decisions are all being made by vibes, after all, not by a cold rational analysis

If I would be a commercial real estate mogul, I would invest at least hundreds of millions into covert PR campaigns in various media (including here on HN) to nudge the perception via exactly these sort of claims. And who wants to be seen as anti-business, right?

Just follow the money, it usually works very well. Sometimes, people are just dumb on their own and/or as a group but I don't think thats the case here. Tens of billions if not more in lucrative real estate is at stake.