Specifically, reactionary conservatism about tools and services can be a competitive disadvantage.
In several workplaces I have seen this attitude co-mingle with pride in original code, and result in a counter-productive NIH (Not Invented Here)[0] attitude (reinventing wheels). Macho/heroism makes it worse.
While trend-following can be inefficient, if the engineers are both excited and humble and ready to weigh many trade-offs, this inefficiency might be "cheaper" than reinventing wheels for all problems.
Cue platitude: it takes balance :)
[0]: https://en.wikipedia.org/wiki/Not_invented_here
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EDIT:
To clarify I'm talking especially about _uninteresting problems,_ for which there may be an obvious off-the-shelf solution, such as when I've seen engineers invent a build system from scratch (and then cost _lots_ over years as that custom thing needs maintenance) ... when their needs could have been met by the language's standard tooling and using its plugin architecture.
Or, when "just use sticky notes and a whiteboard" gets so stubborn that a growing team stays in chaos for lack of organization.
On the other hand, it is quite bad when trend-following causes not just churn (switching tools), but overkill that introduces tons of cost and risk. i.e. distributed systems where you didn't need one. Relevant on this point: You Are Not Google by Ozan Onay https://blog.bradfieldcs.com/you-are-not-google-84912cf44afb