The purpose of management is to keep all the stuff employees do actually be useful to the company.
Executives are there to ensure that happens, and having employees onsite makes it easier.
As far as I can tell, Bezos would sack every manager at Amazon if he could, and have every employee work from home, if that was best for Amazon's bottom line. I bet he'd love to save on salaries and office space. Yes, I hear a few Amazon employees are quitting, but it's not because he's just too nice to his employees. As far as I can tell, his entire philosophy in business is to make everyone a replaceable cog, and replaceable cogs don't really need managers or desks (especially if he could make everyone work from home, in some kind of mechanical turk type system). But he hasn't made it work.
Maybe I'm wrong about Bezos, or he's wrong about how to make profits (and just happened to luck out getting rich). But surely someone else would just say "get everyone to code at home and don't have managers" and they'd destroy the competition with lower overheads and greater productivity, but there's not many of examples at scale.
Here's how this debate will go:
"Managers are needed to keep employees on task, so it needs to be onsite".
"Wait, can't we just have performance reviews?"
"So why not just have freelancers for everything?"
It's basically a rehash of the theory of the firm - https://en.wikipedia.org/wiki/Theory_of_the_firm
Employers don't know who is doing the best work. Sometimes it's virtually impossible to judge. But they can know that employees sit in a cube for the right amount of hours, and are apparently trying to get work done.
It might annoy brilliant people (and people who think they're brilliant) that they can't just be judged on the quality of their work, but in reality the company is paying for time, not results, as they really can't just the quality of results all that easily.
Yes, they can have 360 performance reviews, or negotiate everything as some kind of contract, or count lines of code or some kind of function points. There's plenty of problems with all of these, and it also means more work and probably a lot of ugly office politics. But unless it's something where results are easily judged then really just forcing people to be at their desks looking busy is going to be one of the best ways of ensuring that on average they get results.