Agreed. In my decently long career the types of data problems I've seen be most impactful on the business are not head-in-the-clouds ML issues, but more mundane yet more far-reaching:
1. Appropriately identifying what data needs to be captured from a product to correctly operationalize it.
2. Understanding and modeling data structures in internal applications to identify and tune backend data storage mechanisms (including DBMS). Inclusive in this is helping the application development team pick the correct structure and implement it correctly.
3. Validating implementation of instrumentation within the application so that data cleaning isn't necessary and that telemetry can be appropriately reported on. Building said reports.
4. Doing ETL and taking care of out of band data management to link disparate systems within the business to help build holistic views of the business overall.
5. Be a safeguard against the over-collection of data, because data engineers understand that data isn't an asset, it's a liability that increase costs and risks as a business or product scales, and when there's not a specific need that can be articulated clearly for that data, collecting it is a user/customer-hostile action.
My experience has been that data is a crucial element to understand the health and state of the business with both breadth and depth at a given point in time and identify trends. However, it's mostly used by folks in management as a crutch to try to de-risk decision making, or worse as a political tool to give a faux support to a decision that's already been made but not yet publicized. Decisions carry inherent risk, including the decision to do nothing, you cannot eliminate this, it's one of the components of decision trade-offs. This sort of broken use of data by management is supported by "Data Scientists" that see the field as a cash-cow they can milk while they work on pie-in-the-sky ML strategies which are often unnecessary, even when they actually work.
Done correctly a strong data culture in a company can increase decision velocity, empower engineers, and reduce overhead on management to understand the business. Done improperly, data culture in a business can easily destroy decision velocity, empower dysfunctional politics, and increase engineering overhead to understand systems. Getting it right is the main test for businesses in the new era.