It's unhealthier (loads of sleep deprivation out there), it's bad for the environment and its costs are higher. We can argue all day if the perks of in-person work are worth the cost, but if there aren't any perks besides "I just prefer it that way" I don't think there is even a valid discussion to have. We are talking some of the largest CO2 reductions possible from the average fellow together with more free time, less usage of infrastructure and possibly changes in the housing market.
A corporation doing this "just because" is comparable to a corporation purchasing mattresses to burn them in an open field "just because"