How could they be expected to? Reviewing all of the source code for log4j is not a walk in the park. Even if you thoroughly reviewed all the source code, would this specific exploit have crossed your mind?
The game theory and assumptions around a "logging" library probably led a lot of organizations to not even consider it a potential threat and focus their efforts elsewhere.
There is also the transitive dependency angle which turns this into more of a plague than a blame assignment session.
Back a long time ago, companies were extremely wary of including any open source library (let alone thousands!) into their product. It took a very long time with audits, lawyers, etc to get a single library approved.
Yes, it was kind of a pain.
So the world has swung into the other extreme these days. Just pull in a couple thousand libraries from the internet, nobody knows what they even are or what's in them. All in the name of speed. So it has its benefits.
But the fundamental concerns of long ago are still there. Bringing in unreviewed third party code is a vector for vulnerabilities, supply chain attacks and all that joy.
Traditionally if something is too large to audit then you shouldn’t use it, which few exceptions (like Linux). Maybe this should be a red flag in the future, especially for a logging library that can almost be replaced with a call to stdout and a log collector.