Ofttimes, what looks like meaningless corporate bullshit to a developer looks like valuable fertilizer to some other part of the organization, or to a regulatory body, or to something else that makes the company go. "looks like" phrasing was intentional here.

I was a damned good developer back in the day, and am working on being a good manager (of managers at this point). There is an insane amount of red tape that sprouts up over time in any large assembly of people. Some of it has some positive purpose somewhere; some of it has no evident purpose.

The best managers seek to protect their teams from unnecessary BS, but that doesn't necessarily mean eradicating it from the company. Shielding can be just as effective locally, at a tiny fraction of the cost.