This sounds accurate to my now recently-ex company. The number of meetings have soared, to the point where they probably spend 2-3 days per two week "sprint" (it's really more of a hobbled walk) in project meetings. Not just the absurd number of project managers (currently 1 PM to every 2 programmers, I believe), but the whole team. And what's weird is that when you're in the office, it doesn't feel out of place, but if you're actually trying to be productive it's a horror-show. I had a 3 hour meeting a few weeks back, and then another meeting directly after it which was a summary of the previous meeting.
Add to that the fact that 90% of the company are incapable of being on time to those meetings, and you can probably guess as to one of the reasons I'm moving on to another company. The meetings are usually also at short notice and the person who requests it will universally be late to their own meeting.
I see excessive meetings and calls as a failure of written communication skills. The people I see organising the most meetings are also those who are least adept at understanding writing, and the worst at communicating via it themselves. There's definitely an art to being a good written communicator, and maybe there should be more emphasis placed on it when recruiting in tech roles.