Nobody asked for this, it doesn't help anyone, and it cannot survive the most basic scrutiny of the public or market. And yet it exists and even grows. Rather than playing whack-a-mole with outcomes, the underlying mechanism should be explored.
My unscientific take on it is that it is not a matter of real belief, instead a matter of fear. Case in point, businesses do not really care about things like DEI, but a series of impactful lawsuits has scared them senseless. Hence they dress up the optics of DEI to stay out of trouble.
Similarly, universities are under pressure to appear "on the right side of history" by aggressive student activists, fueled by the flames of BLM, MeToo, whichever other social justice outrage. Hence, they dress up an extensive administration and force it upon all staff as part of their performance review: demonstrate the 3 ways in which you contributed to the cause this year. It doesn't matter if you believe in any of it, just do it regardless. Since none is equipped to do anything actually useful (livable wages, accessible healthcare and housing, etc) the next best thing is some imagined micro aggression.
A factory of bullshit and optics driven by fear.