Another contributing factor has to be the reward and advancement structure. You combine generalist strategy for people management, high profile/sponsorship, and quick advancement. Together, they incentive people to chase signature accomplishment, no matter the business justification. Classic "make the data fit the decision" instead of letting data drive the decision.
This is how we have progressed multiple projects that are not making expected returns (even before covid). The projected returns were a pipe dream to begin with.