It all ends in speculation anyway, different industries have different sets of requirements, and regulatory frameworks. Different products at scale have different needs for maintenance and development. I know some people working with hardware with sales spanning most of the globe in a company with 300 employees, it doesn't mean you can have a phone manufacturer selling to most of the globe with just 300 employees.

Of course there's some level of overhiring but whatever comment here saying that 1/10, or 1/2, or whatever other percentage is what is needed is baseless speculation on some non-informed guess. Without knowing the insides it's just baseless speculation, and even in the inside you'd need to be in a higher level of management to have a decent overview of what's waste (and why it's waste) vs what's actually needed.