I agree with your assessment that a lot of times the business problems have been put into a form that lends itself to exploitation by machine learning. Sometimes a company has a lot of data that's actually useless.
Most of the time, I've found that business people do not understand the value of data. Often I hear, "we have this data set, let's unleash the data scientist on this to tell us something." or "we have this data set but what are the so-whats here?".
I spend a lot of my time explaining that there must first be a business objective, a key question, or hypothesis that can then be understood through data. I cannot take a haystack and find the needle that is interesting to you. And if I do find that needle, many times there are no resulting changes made to our strategy.
I think we're still in a place where the value in a data scientist is not that she knows how to write:
fit
The value exists when she can take a problem from the business, understand how to find a solution with data, and then convey that back to the business in a meaningful way that allows them to easily understand how they can make changes to positively impact the bottom line.