Sounds like cargo cult approach to engineering management (to use Feynman's metaphor). It's interesting to see that even Meta is subject to this. When I worked at IBM (round about 2014), management decided to adopt the Spotify organizational system with squads, tribes and guilds - but nothing really changed. We still wrote code much the same way and delivered at the same rate. Except with more organizational overhead.

The early dot com billionaires have so much money that they can keep making brain-dead decisions and get away with it - they have money printers to save them.

Their companies perfected the addiction/extraction economy.