Pretty much what it boils down to. A lot of executives hated that employees got so much power during the pandemic (even though it's still miniscule compared to the power the executives have themselves) and they couldn't wait to take it back away from them. Now that there's a bit of a downturn (at least in tech jobs), they're taking advantage of it to force things back to the way it used to be.
Nevermind it's completely unnecessary and damaging to the planet, they're just going to pretend that watercooler talk is the biggest and most important thing in a company ever, so they simply cannot abide by you skipping your commute.