My experience is the complete opposite. I spent a lot of time at a very large company that has always had a "WFH if you want" policy. By and large, the highly productive people were doing a hybrid work-from-office 3-4 days a week and WFH 1-2 days a week. In contrast, the people who self-selected into always WFH were almost exclusively slackers who took advantage of the situation to watch Netflix or sit at the pool all day and get nothing done.
I know it's just an anecdote, but I think it's important because this is probably what executives are most worried about. It doesn't take very much effort to find people posting on Twitter that they love WFH during COVID because it means they get to sit at the beach all day. I've got people on my own timeline that choose WFH because they see it as a chance to slack off without supervision.
A single slacker on a dev team of 5-10 can completely ruin the team's output, and (speaking from experience) it's really hard to prevent, oversee, or correct a slacker situation remotely. You might say "then fire them if they're a slacker", but once you're at the point where you're ready to fire them, the damage and lost productivity has already been done.
