I think this is an underappreciated reason. There is often plenty of subtle and not so subtle self-dealing with real estate and also other smaller businesses that serve the needs of offices. Those at the top can double dip extracting money out of the company for themselves, but WFH undermines that source of money.

Then you have managers at various levels who are nothing but dead weight and need people to micro manage or bully to try and justify their existence. Or are social butterflies who want people to interact with regardless if if it is productive or not.

WFH has costs to many managers and executives, so WFH being better for the company and most employees is secondary to their personal interests.