I'm being facetious, but I don't think it's entirely a bad thing. I'm not sure if you've even worked in a fast-paced environment where everyone is absolutely buzzing, but it's quite exciting and I'm not convinced there's a remote equivalent.
Their hours are much more flexible -- if the desk is right in your house, it's not crazy to hop on the computer quick before bed to finish up a report or send an email or review a PR. So when "crunch time" actually happens, WFH employees can spend more time working than in-office employees, and work less afterward to avoid burnout.
The flexibility has additional benefits for coordination across time zones: I work from home, and I can get up at 6 AM to meet with folks in Australia from my home office. Or I can take off early and come back at 8PM to meet with folks in India. Not an option for in-office work. If you try, you'll be taking the meeting from your couch or some other suboptimal spot, not a home office.
If your company is upwards of 5,000 employees, you probably have multiple offices. This means most of your meetings are in conference rooms with a video call anyway. Effectively no different from WFH meetings, except for crappier volume control, microphone gain, and visibility.
Seems like for giant companies, WFH is a no-brainer for coordination purposes across multiple time zones and physical locations. And for small companies, WFH is a no-brainer because there's a ton of static-cost overhead that comes with physical offices.
Not sure if count tech specifically, the recession might already start?
Only Amazon seems to hire aggressively at this point...
Five percent unemployment? You've still got some leverage. Nine-and-a-half percent (the peak during the Great Recession), and a lot of folks behind you in line will happily come into the office.