Also, even though not everyone comes in at the same time usually there are "core hours" where everyone is expected to be in the office. At my last job this was from 10-3. I don't think it's too unreasonable for a team to be able to find some time when everyone can be in the office, especially when it's only a few hours long.
Of course, this could all be simulated as well if people had work environments. Still, I find face to face interaction much better than trying to communicate online, even with video chat. Maybe it's just about finding the right software to help, but I find being able to talk at the white board invaluable.
I don't think it's unreasonable, either. In fact, I think it's necessary to run a successful business with more than one person. However, it's not "absurd" to have some definition of late or to expect some consistency in when particular people arrive. That said, the original described case is overly and unnecessarily rigid.
Teams certainly need the flexibility to adjust their organization in order to best accomplish their goals. Most of the problems with large corporate bureaucracy come because someone up the chain wants to impose control by dictating how every group organizes.
However, at some level there needs to be a team of people working together to accomplish goals, and that team needs a program to get with. Now, if all that is meant by "come when you want" is that each team is free to determine what their own program is, then I misunderstood the point being made and my original comment on it does not apply. There does need to be some sort of accountability, though, or the team dynamic collapses. In the context of a company, this has to be integrated with whatever policies the company as a whole has.