Microsoft has some wildly successful products, like Windows, Office, XBOX, SharePoint, SQL Server, etc. That's great. But they also employ well upwards of 100,000 people (including 'contingent' staff). It does not take that many people to ship those products. Not even close.

So they productively employ some fraction of those people (I'd guess, conservatively, less than half), and they pseudo-productively distract the rest with poorly managed fool's errands. And don't think it's a case of "you don't know until you try" - in most cases, everybody knows. General Managers will seize on any misguided idea with enough plausible deniability in order to build their fiefdoms.

It's like a bizarre kind of welfare system for the upper middle class. A few people do amazing work and ship great products. For the majority, the most significant thing they accomplished was passing the hiring gauntlet. But they all get to live in big houses and drive BMWs.

An institution can work on the whole, but still be grossly inefficient.