This has likely been the case as long as jobs have existed. Some CEOs spend their entire time tweeting, apparently.
The way any large company works, and this includes all the big tech companies, is that they end up in a state of constant churn. Every 6 months or so there's a reorganization. There'san old joke that you get an email that your manager's manager's manager's manager now reports to a new manager and you've never heard of any of these people.
The point of that churn is to make sure nobody is ever held responsible for something not working. It's never given enough time. That's by design. Middle (and even senior) management is about empire-building.
Another quote that springs to mind is that the bureaucracy is expanding to meet the needs of the expanding bureaucracy. That's how I feel about management bloat.
Anyone who has paid attention to Intel's downfall in the last decade will have heard stories about how the company descended into fiefdoms and it became impossible to get anything done. That's what happens.
Most people in these organizations aren't particularly talented at anything other than forming social relationships. the leadership of these companies always end up having an adversarial relationship with their workers and try to suppress their wages to increase profits so they can get their stock options and bonuses and the CEOs all sit on each other's boards of directors setting each other's compensation packages. It's a lootocracy.
The point of all this is that the leadership will never decide that they are the problem. Take Meta's Metaverse. It was a $70 billion flop. A lot of people got laid off from that. Were any of those worker bees responsible? Nope. They didn't choose the strategy or probably even what they worked on. It takes a lot for heads to roll within senior leadership and with the vote-stacked share structures of many major tech companies, ousting a CEO is essentially impossible.