Profits don't have to spiral for something to become clear it's not working.
Maybe it's as simple as "this used to take us 3 weeks but now it's taking 5"... or "we're shipping features but they have a lot more holes than before".
Collaboration is pretty hard remotely when you have to schedule discussions and everything else is asynchronous. Certain tasks lend themselves greatly to WFH, but not all of them.
the bottom line profit is your primary guideline if you are succeeding. Profits have been great for most companies for quite a while now. WFH works in most cases. The current push to end it, is simply a fad amongst CEOs because it's popular, not because it is proven or has merit. If you are in a construction crew, obviously you can't work from home. If you work in an office and mostly on your own "stuff" you can work from home and work more productively without all the office distractions and negative energy.
A company's profits can remain high even while operating very inefficiently.
You seem to have strong opinions on WFH. Find a job that agrees and allows this. If your current employer requires RTO, well.. they're paying you to be in the office so show up and stop the conspiracy theories.
It's objectively vastly more expensive to operate an office building or buildings. No organization is going to decide to incur the significant expenses and liabilities associated with operating facilities with people in them if they don't need to. Very little logic supports your claims, especially regarding the "CEO" and "fad" points you are attempting to make.