I've been here about the same amount of time. Also L4-L6. I'll echo your "empire building" comment. That, above all else, seems to be the root of the evil. Managers need "scope" to get promoted. They get scope by building an empire. That leads to programs and initiatives and new processes without any connection to customer value. They only exist to be a line item on a promo doc. It is a topic of endless and open complaint that ICs get sucked up into some manager's "promo project."
The big shift seems to be that only a subset of people are talking about producing value. The majority are talking about being seen as producing value.