I'd argue it's even more sinister than that; too much process can very quickly cause engineers to burn out, and since they aren't reprimanded in any serious way for not doing much work, they can sit and feel depressed without anyone even addressing it.
I think it's a reality of most of the giant, brand-name companies. Near the end of my time at Apple, I was certainly underachieving (hence why I quit), largely because I became incredibly burnt out from the process.
I'd argue it's even more sinister than that; too much process can very quickly cause engineers to burn out, and since they aren't reprimanded in any serious way for not doing much work, they can sit and feel depressed without anyone even addressing it.