It boils down to the Business Model. Having worked extensively with the major Indian vendors, with people from India in different settings, onsite and offshore, I observed that they simply focus on labor costs in Europe and elsewhere. Salespeople tried to sell us dozens of teams with “cheap” developers of every skillset we wanted. But that is not how software is done. I want outcomes not masses. I need creativity to…
While you can in theory do your IT things with no passion at all, and kill all creativity and still be productive, it often ends up being just 'mass' like you describe, a transformed version of the classical western 'consultants' that usually end up being companies that focus on sales and billable hours and never really deliver what the people needed (referring to earlier HN posts about accenture and deloitte).
I get that at some point all companies converge on the same generic point of being in the business of making money at all costs, and making it 'measurable' via sales, hours and contracts. It doesn't matter if it's software, financial, legal etc. At least not to them at that point.
The bigger problem with this is that the IT systems are not as well defined or a closed system as the other examples might be. A ledger would be simple to verify in comparison: you apply a fixed set of rules to a fixed period of data and it must result in something within a known range. With software you can do a little bit of determining that the 'borders' of your 'box' of functionality would be, but to do an exhaustive verification is so far from profitable that it's only done in a few highly regulated systems like flight controllers.
So now we have a system where a lot of money and power vectors are involved that would (somewhat) work for legal and finance and the likes (i.e. the classical big ones that existed long before software did) and a constant attempt to apply it to IT and hide everything they don't like about getting the wrong results. It still eats resources like the other kinds of work, but doesn't produce the results you would expect for the resources that went in to it.
Software doesn't operate in a vacuum, disconnecting users, buyers, sellers, or stakeholders in general is bad for everyone and because of endless change and interaction the whole model of 'buying a product' hasn't been realistic since 2000, and with connected OT (think SCADA and the likes) it won't even apply to embedded systems anymore.