As a single data point my experience as a hiring manager and allowing remote candidates allowed for a much higher level of talent to draw upon. Furthermore, I have had remote teams develop a great culture merely by turning on their cameras during the daily standup.
Finally, I also question the productivity of team building 'dinners' and other one-off activities. Having been part of teams with lots of corporate dinners and teams without its hard for me to really call out any specific value.
I truly do want to be convinced otherwise, but the strongest argument I have seen here so far is a vague 'Face to face is superior' when I have had great remote teams with cameras on. Anyone have a more data driven argument? Even if its a few data points?