Most of the smart, the good, and the hardworking have left the building.
Many have either left on their own or have been shown the door by underperforming managers.
Many of the ones left are unable to perform. They know how to play the system. The two days weekly when they do show up in the office. They spend the day socializing in the cafeteria or spend the day online in meetings.
When unable to perform their part, they sandbag the project. The project will be delayed or cancelled.
There are a small number of some good ones left, but many are hoping there is another volunteer round or to get chosen to receive a package.