Why wouldn't they? Businesses didn't go through any magical transformation over the last 30 years that would unbreak them. I think it's just a consequence of size: the larger your company is, the less individual contributions matter on the margin, and thus it's easier to coast undetected while not doing anything.

Arguably, the modern obsession with metrics and monitoring is creating even more waste than there was before, as managers invent bullshit metrics, and employees perform fake-work to optimize for them.