The people being punished aren't the board or the management, those will fail upwards to other cushy roles.

The people being punished are the workers and the consumers.

If the board is unable to bring their house in order, the state should fire them, not let their incompetence ruin the lives of the working class.

I agree with GP that this is "capitalism working as it should", e.g. inflicting cruelty on working people while funnelling more wealth upwards. I disagree with the assessment of that being a good thing.