Nobody needs to be co-ordinating thousands of people. 5–20 people can create Instagram. The entire problem in these companies is that leadership is so out of touch they cannot differentiate between a checklist and a product, and empire-building is their proxy for value. The solution is to change the leadership, but it is usually too late in large orgs (the new leadership has to be brought in somehow from somewhere, and that will be done the same way the current leadership happened).
So the real solution is for those who care to go elsewhere, out-compete, and out-succeed. Then quit after acquisition, if such a thing happens.