The answer of course is financial incentives. It is the answer 99% of the time, I know quite a few high-profile managers at this point and they are all very smart and get stuff done people and yet they allow themselves be dragged into endless meetings and they know the script (that the OP author is referring to several times) and they recite it by heart. Because if they don't, their manager is going to think they are useless and will inevitably fire them.
People find a cushy place to work in with a good salary, then just work their way up the economical ladder (or the organizational) and will do anything that's needed to achieve that goal. It's as simple as that, and I am convinced that a good chunk of these people (probably 20%-30%) are very well aware they are bullshitters but they think they have no choice.
At the same time, I've known a few company owners long time ago who were just BEGGING their managers to tell them the problems exactly as they are, swore on their lives they will not fire the managers for bringing them bad news (and made contracts that made sure of it in no uncertain terms)... and yet all of the managers below those people were sycophant yes-men.
Quite tragic really. All of this is a collective delusion.
I keep remembering this old article -- "Bullshit Jobs" -- and yep, it still rings true to this day, and will likely do so for decades more, likely centuries even because our societal changes are slower than glaciers...