This may sound like a joke but having gleaming, globally distributed offices is absolutely is a matter of great pride and ego for the C-Suite. They absolutely fantasize about how they are jet setting from one office to another and how all the employees roll a red carpet for them.
We already know the C-suite is oligarchical in nature with wage suppression in Silicon Valley, so we know they meet and communication. And things like corporate real estate is garden variety MBA stuff that these guys can freely talk about at the get-togethers.
Not having employees in buildings means those buildings aren't really worth anything. A collapse in the value of office space is something none of these companies want. It would impact share price, options, and executive pay, because these things are 30-50 year investments at a minimum.
Do you know what looks REALLY bad? A giant fancy office with five people in it.
Better force people to fill it up. We are stuck, we spent the money, can’t have it look bad.
Workers certainly don’t.
Everybody wins: extras get to not be homeless and pay their bills, companies look busier than ever, extras can act whatever fantasy management wants to show off, offices have some kind of purpose again, we get to work wherever we like and do actual work… What’s not to like?