It brings Steve Jobs' quote to mind: "It doesn't make sense to hire smart people and then tell them what to do. We hire smart people so they can tell us what to do" Companies who generically look for "the best engineers" think their problems will be solved if they can just hire someone smart and tell them what to do. They say they want "the best engineers" but then their job descriptions and interview processes screa…
My favorite company I ever worked for was much like what you describe. The management attitude from top to bottom was, here's what we think we need to succeed in this market, tell us what you need to get it done and we will give you the freedom to do it. There was a culture of people fixing small but annoying bugs in between major feature work, prototyping ideas that would make all devs' lives easier, and strong communication within and between teams. You were never chastised for dropping everything to help someone else get unblocked. People were nice to each other and were even not afraid to engage in a little light humor now and again.
It was profitable even throughout the great recession but could only scale to a certain point. So the founders decided to get out at the top and sold it to another company that didn't know what to do with it and most of the good people left when the culture changed to more traditional top-down management.