No, really, it is the opposite. You're fine as long you as you sit on your computer from 9 to 5. Working from home, there's a constant pressure to produce actual results, because that's what you are judged by. I find it more stressful and there's more tendency to do overtime (you're already home anyway, right?).

I get immediate responses to my queries and they get immediate responses to their work, no waiting around for emails to be responded to.

There are many ways around this, chat clients being the most obvious. Also, continuously interrupting people can be very counterproductive, specifically if you do intellectual work.

We are seeing a company taking away something we - as employees - like

There's many people for which working remotely isn't actually a choice, barring a change of employer.

I wonder if, in a few years if the bubble pops, we will look back fondly on the days of decadence and wish things where still the same?

I've done consulting jobs both locally and remotely, and if you ask me, in a few years time we'll consider non-remote working (when it isn't necessary for the job) a thing of foolishness.