Now anti-DEI is a song and dance for the exact same reason.
If you have been in the business long enough, you will know that the company has NO ONE's interests at heart. Never had and never will. They will discriminate against any race they have to, whether majority or minority, if it leads to an extra dollar on their balance sheet.
But it is a genuine sign of renewed danger when megacorps are perceiving the general public as valuing reactionary politics instead of valuing diversity.
Not only is it not, as you note, an argument, it's a pejorative label designed to discount and demonize the opponent. It's also likely to be used by someone in a political cult (or "high demand new political movement" if you prefer).
George Orwell had a really fun article on "Politics and the English Language" which goes into some detail on the controlling nature of such language and the people who use it.
There might be other things they could do proactively. But, the ones they actually chose are derisive, racist, and do nothing to actually make the world a more diverse, equitable, and inclusive place.
Except for shareholder value
Well, it depends. Zuckerberg has controlling interest in Meta even though he owns a minority of it (<15%) because of its dual share structure. Meta will do what he wants it do.
Google has a similar structure.
Shareholder primacy may not be perfect, but it at least constrains management instead of giving them completely free rein.
Put differently: the C-suite set up these programs (and hired very sincere people to work in them) but never really actually cared about the outcomes.
To be clear, I'm referring to the outcomes of the DEI programs in and of themselves; not the outcomes that resulted from having those programs (and/or appearing to have them). And to be clear - some C-suites really might have cared about the programs because they believed in them.
> It's very cynical to think executives have no goals or ideologies beyond enriching themselves.
I disagree, wholeheartedly. The majority of executives have shown, time and again, that they primarily care about money. A close second is power. It's not to say that they don't have goals beyond enriching themselves, but rather that does appear to be the goal they overwhelmingly choose when said values are in conflict.
Companies are filled with workers, and plenty of them do care. But unless they work for a co-op employees are disposable, and ultimately they serve at the whims of capital.
When capital decides that equity doesn't sell, the workers striving to create more diverse workplaces will be discarded.
The only counter to this is government, but Americans just voted for a government that explicitly wants to increase disparities.
There is literally no counter to this in the private sector, save co-ops or non-profits that actually sell their principals as part of their brand (e.g. Patagonia).
Companies wanted cheap labor so they lobbied the government for more immigration and DEI policies, in return they they have to perform the DEI song and dance in HR mandated workshops, like dogs begging for a treat.