Why don't they just pay people less if they think WFH causes less value to the company? Give them an option to RTO or take a pay cut. Why would you want people who don't want your company to succeed anymore working for you? I can't imagine anyone used to 3-4 years of WFH (and liking it) wanting the company to succeed after RTO. If they stay, it's probably because they don't have a choice and they'll probably be the least motivated and minimally productive employees.

OTOH, I've noticed the "disruptors" of yesteryears are now full-on right-wing jerks whose mission is to preserve wealth instead of create wealth by doing new and disruptive things. This tells me one important message if nothing else: There is no shortage of talent for the perceived wealth-creating opportunities. The gold rush is over.

I fear this is less about ZIRP and more about complacency (in general) and would-be investors and VC's not having faith in the possibility of high ROI investments.