This perspective resonates strongly with me. If I'd read this comment two years ago I would've brushed it aside as an overly cynical take but it rings true to my ears now.

In the last two years I've joined and left a bay area tech company that was operating exactly as you described: a maintenance mode org that lost all its former glory and the execs were happy to sit and see the hamster wheel churn; slowly squeezing out whatever is left of the market. Even with strong quarterly marks and plenty of time to piss away I couldn't endure the overwhelming boredom and purposelessness of it all and had no option but to resign.

I think perhaps I was too hopeful and optimistic back then. If I'd understood early on that it was by design that nothing ever got done, I would've optimized for getting the most time/happiness out of it. Live and learn I guess.