Trying to fix this with more code is a fool's errand. As soon as you get something reasonable and good, someone will come along to distort and abuse it to serve their non-technical interests.
IMO a few of the main reasons we see this plague of listless over-engineering are:
a) many people don't actually know what they're doing, and they're trying to hide behind ever-shifting technical targets to obscure this fact. Sometimes this is pretty blatant, but this happens in a more subtle form with surprising frequency. Many people maintain only a very superficial interest and understanding in what's happening under the covers, so they hear promises of magic hand-waving and instantly jump to them.
and b) people are forced by the principal to coop themselves up in an office for 8 hours per day, and they need to invent things to occupy their time. You could say that this is the agent not respecting the principal's investment, but it really goes both ways. Our employment model does not allow for "done", because as soon as this happens, the contributor is declared redundant and the revenue stream disappears. It's fun to brainstorm models that may not have that issue.
A relatively flat/reasonable technical apparatus is needed to reason coherently about a system at all. A lot of these microservice shops are complete nightmares, and they use "microservices" as cover for "nothing is maintainable, just delete it and start over when we need to make an important change".
People primarily want to use the latest stacks and make complex system architectures to gratify their vanity, in various ways: to keep their resume relevant, to be treated like a guru, and to keep up with the joneses. These are problems that stretch way outside of tech and affect everything humans do.
Have other technical fields found ways of handling this sanely? What is stopping civil engineers from changing to a different concrete formulation every two weeks? Is that there is an objective physical component that can be tested, whereas software lives primarily as a manifestation of a mental problem-solving structure? Those are the answers that our field needs to look for IMO.