And too many of these organizations still act like they think throwing more engineers at a problem makes things go faster.
And the $$ and prestige of working in tech still attracts too many people whose primary interest is not just in getting things done, but being seen doing it, and, as, you say, improving their status.
The tide is going out and we're seeing who isn't wearing bathing suits. But it might be the whole beach.
... Still though the primary thing driving investment in tech and software is the same thing that drove investment in industrialized cotton mills or Ford Model T assembly lines: mechanization makes profits, and... computerized mechanization is the most powerful cost reducing system ever known to mankind.