Earlier quoted context omitted.
And the amount spent on actual hardware must be at an all time low. The first lab I interned at in high school in the early 90s, every programmer had both a Symbolics workstation and a NeXTcube on their desk. (In a private office, of course). That represented a pretty significant investment. At my first "real" job, I got a Sun Ultra 5 workstation. These days you get the same Macbook Pro that everyone else can pick up…
Right, it was not uncommon in the 80s and 90s for your workstation to cost significantly more than your car did. The Ultra-5 was the cheap Sun work-station at $4k base price, as by 1999 Intel based workstations were starting to put pressure on Sun from below.
In fact, since I have a MacBook but would be more than happy with a (Linux) ThinkPad, it might not even cost more.
My point is, we don't need 'hardware investment' for the sake of it. If places started doing that I'd rather BYO device, and pocket the difference between what I need and what they budget for.