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The problem isn't that there isn't as much work to go around, there's plenty of work. The problem is for a senior IC to be promoted, you are expected to not just solve the problem well but to find/expand scope and solve it as a class of problems. What ends up happening is too many people try to solve the same problem for everyone/every use case). So you end up spending more time collaborating with people/teams to understand their use cases and to evangelize/promote your solution/framework for adoption. And surprisingly, building a solution to solve a class of problems yourself is better than adopting someone else's solution if you are shooting for a promotion as a senior IC. So it's a problem of incentives in some sense.