This is partly due to tax policy. Investors don't want this. Distributing dividends is less efficient capital distribution because those capital gains are immediately taxed rather than be deferred into a higher share price with no tax drag.

Oh no, capital would be taxed!

Don't threaten me with a good time.

This is why every tech company does buybacks(other than meta which started a dividend when Mark got sick of high interest rates on his debt, they still mainly do buybacks though)