And, that being said, in larger and richer organizations (infinite monopoly bucks fueled FAANG workplaces perhaps being the penultimate example) the incentives to simply promote the most fit can get more easily polluted by irrelevant criteria than in smaller, leaner organizations that have less runway to continue existing and less opportunity for individuals to dip out without consequence if decisions are not made in a rigorous manner and the results are bad.
Unless I'm misunderstanding your statement, I think this word means nearly the exact opposite of what you think it means.
"Penultimate" does not mean "supremely ultimate". It actually means second from last.
https://www.merriam-webster.com/wordplay/penultimate-vs-ulti...
more like loyalty to upper management which correlates with seniority (spent many years in the same company/group).