> you feel like you've hired all of the labor you can at a given market price (e.g., you're cheap and don't want to pay people more) it might make sense to try and reach out to parts of the labor force that you feel have been underutilized (or historically underrepresented, but we're looking at this from the perspective of a ruthless business), and DEI programs could be a way of achieving this.

In my experience, DEI programs do the opposite. I've seen manager leave headcount unfulfilled because the qualified candidates they found were non diverse and hiring them would put them below their diversity target. If 20% of the workforce is women and your bonus is contingent on reaching 30%, you could recruit at Grace Hopper and try to hire more women. But if that doesn't get you to your quota, you need to hire fewer men to push up the proportion of women.