What allows a firm to stay competitive if there are many apparently wasteful tasks being done? Should that firm not be superseded by competitors offering better efficiency (reflected in prices) or consumer benefit?

I keep coming back to theory-of-the-firm: https://en.wikipedia.org/wiki/Theory_of_the_firm

An industry that accommodates a lot of bullshit work is an industry with high transaction costs. The author hints at that at the end of the article, but leaves it an open question.