It doesn't work that well. Power vacuum is called that way because there's a tendency for the vacuum to be filled by anyone as soon as possible. On the other hand, lack of ownership in a company can persist for much longer if left alone.
The area isn't seen as valuable, so no one wants to wind up stuck there. Really, it's a leadership problem, because by adding in some compensation or praise or prestige, managers can create arable land.
But there's a different tendency that is also similar to various physical processes.
Imagine water flowing out of a bottle. It gulps down in parts instead of flowing steadily because of the decreasing air pressure inside the bottle.
A similar thing happens with these ownership gaps. Problems pile up until the person least capable of tolerating the stress decides that enough is enough. That person will temporarily take the responsibility upon themselves and clean up the mess, and so the process will start over.