I've worked at companies that had inane policies with perverse incentives. And, it was pretty funny in a "A Confederacy of Dunces" sort of way.
Compare that to other companies that practically gave out no-limit credit cards and full access: imagine which companies attracted the best talent.
But, it amazes me just how long a company can survive being just mediocre and siloed. You often don't see the long-term effects until after those who implemented the policies have left or been promoted. I often look up those companies to see how they're doing. And, they're still chugging along, being barely profitable.