More and more companies are cutting down on it increasing the needed presence. At the same time they just don't have the real estate capacity to do it decently which means (at least in my personal experience) that you land in a noisy subpar open space (worst invention ever) for n days a week where you can hardly do any work.
Not to mention wasting time/energy in commuting.
It really beats me why a company would waste resources like that and I cannot explain it. The best I have is that this is some kind of power play but I'm not convinced. Am I missing something?