WFH is right that autonomy is good (being away from a boss) and commutes are bad, but denying the social nature of our species when work (for better or worse) consumes so much time is ludicrous.
I used to have that, my office changed location to 1h commute and the 2 days of wfh still mean more commute time than no wfh previously.
I've had 50minutes commute before, but it was just one uninterrupted subway ride which meant I could follow some online courses, but 1h of commute that involves 2x 10 minutes walks and 2 subway changes, its just hell.
I feel that the bank just had to let people with 2 wfh days, lest people quit en mass.
I think the key is to create lacunae in the office that allow the culture to form. Watercoolers or smoke breaks or 100% informal happy hour beers, etc. Once leadership makes it "a thing" it loses its dynamic.
A year or so ago we moved 20 minutes from my office. Some stuff happened with management etc that they wanted people to at least come in a couple days if possible. So I did. Being only 20 minutes away I didn't mind it as much. I had also been migrated to a new team that I really got along with. We lunch together, we shoot the shit if things are chill, I get pulled in on more interesting projects because I'm right there and if I hear someone talking about something I know I'd be helpful on I chime in "Hey, I can help with that" - things I'd have missed out on getting to do if I were at home waiting for someone to send me a Jira ticket or mention it during morning standup. I also have more visibility with our VPs and directors.
Anyway, IMO, WFH is fantastic - especially when you live far away - but some office face time is also great. Good for people, good for careers. I feel incredibly fortunate to have stumbled into a position where I have the option to WFH, but also enjoy 3 or 4 days in the office.