Buybacks? If you're running a company profitably you're supposed to invest your cash to expand the business, not inflate the share price. The share price is supposed to be a reflection of your future profitability, not your future buyback schemes.
It's the optimal way to return value to share holders when your share price is undervalued and you have excess capital. If the company ever needs to raise funds for a strategic M&A investment in the future they're always able to resell their shares again.
Some companies are content with maintaining a healthy business and not go after growth at all costs, which is a totally fine operating strategy.
It's just that you're just doing it through a buyback rather than a dividend because dividends in the US are taxed like plain-old income and buybacks turn into capital gains and are taxed less.