You are assuming "The focus is on making something good, offering a good service" and "maximising shareholder value" are opposites. That need not be the case. Amazon is a classic example.
Amazon is a famous example of not maximizing shareholder value by reinvesting into R&D, no?
Which shareholder? The guy in it for the long haul or the guy looking to flip the stock in a quarter. If Bezos had maxed profits on selling books, the market cap might have been the same as Borders at its peak. The key question is whether the projects are positive on some npv basis. Given bezo's track record, I see no reason to believe otherwise. Short term shareholders might disagree though.