The company I work at did this. The CTO and I even joked about it being "DevOps in name only". It's gotten better, but they're really still an ops team.
I mentioned to some people at my company that "devops" was meant to be more of a philosophy than a separate team and they were bewildered. But I guess I'm happier with ops being a separate team anyway.
Right? Ops, but an ops team you'd trust touching the code.
I feel like devops to most just means "ops but closer to the code now that there are so many code/release management tools and someone has to manage it all".