And then the assumption is that a lot of them are not going to go for it.
Part of the equation for the executives should be that there is a strong chance that some developers resign if they are forced to resume commuting.
Actually, I suggest that all those who like working at home and are in a position to go without work for a period if necessary, do please tell your bosses that you will resign if you are required to become onsite again.
Personally, I believe that this is an ethical issue. The real history of work goes back to actual slavery. The strong push to keep workers onsite for close monitoring is a reminder that the concept of employment is a restriction of freedom and compulsory labor.
Another very significant aspect of this is sustainability. Reducing unnecessary commutes is one of the biggest ways to reduce fossil fuel and overall energy usage.