Earlier quoted context omitted.
Put yourself in the executives shoes for a second, they're not stupid people, they know how large the risk of blowback is and how many employees they might disenfranchise or lose. They're that confident that remote work is a bigger threat to their long-term performance and they don't want to get lapped by the companies with an in-office culture
This argument is an appeal to authority that I just can't buy. You don't have to be a stupid person to succumb to your own biases, you just have to be human, and plenty of executives make irrational decisions based on their subjective feelings.
You're still right that plenty of people make irrational decisions under whatever incentive structure they're in, but I think that the steelman version of GP's argument would probably go something like:
If we see a large % of companies going full-RTO, then maybe there's something to be said for the bet that RTO is a long-term competitive advantage.
...or, they might all just be lemmings, too. It's hard to say just yet, but I think it'll be interesting to see if there's an effect on stock performance over the next 10 years based on what companies decide now. (I feel like that's probably how long it'll take for the full impact on company culture to play out.)