This is something that gets trotted out every time this topic comes up. It's got little to do with the actual conversation, and it only relevant to some companies.

Basically, some companies own buildings that need to be leased out and some companies have long leases which would mean money "down the drain" if they're not utilised. That's wrapped up to equate being told to come into the office as a profit driven thing, rather than a productivity driven thing. As a blanket statement it's not true as not all companies care about it, and when we're talking just about productivity, it's irrelevant as it's not actually a consideration.

If we're talking about motivations for coming back into the office, then sure, it's a very relevant topic there.

If you own a big office building and companies don't need as much office space then you can't charge as much for rent, and the property loses value. Similar to how online shopping has led to a bunch of malls closing down