In a big company belief that something is worthwhile is better than actual value because market forces, that care about actual value, cannot act on each sub-project out of thousands of projects in the same company independently; but managers, which by definition can only care about their beliefs (idealism rears its ugly head again) do very much act on teams independently. The engineering department will pay $500k+ to engineers who exist only to pervert insufficiently representative metrics just as readily as the market would stop that from happening if they weren't hiding in an autocratic structure hundreds of times larger than the limits of their own abilities to be wasteful.

Indeed, there is no reason to think that the market has a greater ability to eliminate waste within a company worth $100B than it has within a communist country (which exists as an entity in international markets) worth the same.