All these meetings, reports, plans and apparently useless things, provide insurance to the different stakeholders of the project. Projects fail in many ways, and you need everyone to feel safe. That's why you need to document things a lot, in order to say “this was explained in section 3.2.1 of the manual” when the other team doesn't correctly use your tools. And this is true for everyone, the finance guys, the product guys, the programmers, the marketers, everyone. Providing insurance to everyone is very expensive, but it makes the large organization stable. If everyone worked like cowboys in an small company, then the large company would disappear in a large fire of infighting.
I never worked in a large company, but I work in academia, and we academics are also working on insurance a lot. The funding bodies want us to detail all expenses and justify all the changes in the plan, because they don't want people to say that the public funds are mismanaged. This is just an example. We also write tons of useless papers, to justify that we are productive with this money. This makes research very difficult. If you really want to do science, you should become rich and do it from home, like Nassim Taleb does, but in Academia we must work on all this insurance stuff, like in corporate world.
That's how things are.