I get what you're saying. I know of a few digital agencies that list every client they've ever worked with, but not list what actual projects they worked on. In a huge number of cases, those projects were almost inconsequential. One in particular at which I previously worked has a website all about game development and VR, because they aspirationally want to work on those things, but all of their actual work has been tiny RoR marketing pages that a friend-of-a-friend farmed out to them as a favor. It disingenuously makes it seem like they built full VR apps for those clients.

I personally take every company's website that lists all their business divisions and all their clients separately without actually listing projects with a huge grain of salt. If you can't at least make a press release about a project, then what's even the point of listing those clients for those projects?