"It is really unfortunate because the potential for much more impactful and meaningful work is lost."

I hear you and I'm sorry you're experiencing this as well. Unfortunately sometimes operating within the constraints of your priorities is all that leadership looks at in determining career advancement. You're doing more? That's nice, but if it's not tied to your OKRs, it's not promotion material. This, is the crux of a lot of FANGMA BS.