Personally I think the objective benefits of remote are far too great for in-person working to remain the norm. Same wage level to an employee imparts a much higher real income through efficiencies... no need to pay for transportation, can live in a cheaper area, can optimize for lifestyle rather than proximity. Can integrate foreign teams more easily... though still wouldn't want to have radically different timezone members in the same team.
Remote requires a different management style, which I feel many of these companies haven't really adapted to. Either a sufficient amount of work gets done, or not. It's pretty easy to measure depending on your business objectives.
I agree 100% that the cultural element tends to be lacking in a remote context. People feel much less attached to the company and more willing to shop around/job hop on a whim. In a way this is good for the broader economy. But I've also found with a change in management style, it's possible to keep the in-office culture feeling alive in a remote setting. Team group programming, quarterly events/meetups, more regular 1:1s, peer 1:1s.
I do wonder what the primary metric driven motivation is for a lot of these large companies doing RTO. Is it to prevent higher attrition? Is it a shadow layoff? Is it expected to produce more work/employee? (and to remain competitive, it would have to be to a greater extent than the cost savings with remote)