'cause executives are the ones whose neck is on the line for success of their business division so they are extremely motivated to keep a close eye on profitability and progress on business goals, particularly when the economy looks wobbly. [mic drop]
(Yes, there are examples of executives who are incompetent and/or just plain dumb, but they are the minority.)
And, of course, before I get attacked as pro-RTO, I myself WFH and only go to the office when circumstances require it.