It kind of makes sense, if you consider real-estate. When remote is possible, people will no longer flock to expensive city centers or highly populated areas(except rich young singles with big pay grades seeking entertainment), which means less rent revenue for expensive commercial residential properties in such areas. Additionally, it also means less human traffic causing a ripple effect on the nearby businesses(less people at coffee shops, restaurants, bars, grocers etc).
Also, as a self-preferred hybrid, I often go to office 3-4 days weekly and I see more goofing off and also get pulled into goofing off by peer pressure(c'mon, lets have a cup of coffee, you such work-a-holic, there is tomorrow blah blah), because people will definitely take a 30-60mt coffee break after each meeting, compounding to around ~1.5-2h (if we do not consider meetings as work) effective productivity.
Lets take lunch break at office, first grouping with peers starts 15-20mt before everyone is ready and heading out to canteen or restaurant depending on the mood and then taking a long walk afterwards because everyone is sleepy after meal. Coming back, some will still feel sleepy and spend another 30mt on coffee sipping and gossips and then walk to a meeting.
Compared to my work at home, I get decent min. 4h concentrated work. Additionally, I can focus on other stuff(debugging, reviews, experiments) in background without coming off as rude, while a meeting takes place that does not directly need my input immediately. Same meeting at office means I am either super bored and sleepy and others are mostly scrolling their FB/TikTok under the table while some random people get into nerdy arguments with another someone who suggested a bad design or a manager gets at the neck of another team's manager because they can't align on the coordination or responsibility distribution correctly.
One benefit of in-person office days is, when I have a problem, I can walk up to my peer and get a clarification immeidately, while at home, they might set their status to do-not-disturb or would cite some other meetings where they are just sitting around listening to blah blah and tell me to come back later. Other than that, I do not see any immense benefits. The bonding/cultural stuff are anyways enforced by corporate team events and parties and what not and in EU, people do not often socialize personally with colleages outside work unless they were childhood friends or live in same house.