One of my theories about DEI programs is: the people running the programs see their only failure mode as "we fail to improve our metric", but the much more dangerous failure mode is "current employees see our program as a joke that creates no value and hires unqualified people".

And it seems like a lot of DEI teams are just completely blind to the latter mode. You sometimes hear about a team announcing an apparently minor change, like renaming something to sound more inclusive, and then go on about how they spent six months discussing it and gathering feedback, and it's very obvious that nobody involved ever asked themselves "when we announce this are we going to sound like a serious team that does valuable work?"