Thankfully, I no longer work for a company that mandates in-office work and even the telco (!) I used to work for had unlimited home office even before the pandemic, which worked beautifully and saved them lots of money.
Having an office to go to helps the more socially inclined employees, but doesn't boost productivity uniformly, especially when everyone is on calls all day anyway.
Just like home office, full in-office work needs a very special setup to be truly effective and given global hiring, may be harder to achieve that a remote culture.
I agree that RTO makes no sense if you’re going to spend your entire day in calls. That said, I would actually go a bit further, and argue that distributed teams themselves are a bad idea for that reason.