Even with a short commute, I am still so much more productive at home than at the office.
Everything I need for lunch is in a kitchen in the next room, no more going out to lunch, wasting time looking for food or cooking.
Long commutes suck energy and time out of what would otherwise be productive hours.
Even the bathroom takes longer to get to and use in an office.
This move at large by the industry makes almost no sense to me. Only way it does is if these are actually targeted layoffs, or managers have a pride/visibility necessity of being seen with their peons all together.
Edit to add: They can also let those pricey RE contracts expire, save on electricity, water, and internet and all the other subscriptions and services they were paying for by having a centralized office. That's a large chunk of expenses they get to put onto employees, and for the most part employees are ok with it!