In my opinion, it’s been a problem for a long time. Sure, the titans of industry are very interested in the profitable applications of science, but they are generally less interested in investing in science, let alone the science itself. Science is seen as a cost center, and research is inherently risky. Even in the glory days of Bell Labs and Xerox PARC, both were backed by monopolies (the Bell System was the phone monopoly, and Xerox had patents in xerography). The former was subject to special government rules due to AT&T’s constant anti-trust troubles, and the latter’s culture was heavily influenced by ARPA due to ex-ARPA people like Bob Taylor.

I am reminded by this quote from an email exchange between Bret Taylor and Alan Kay, published in 2017:

“As I pointed out in a previous email, Engelbart couldn't get funding from the very people who made fortunes from his inventions.

“It strikes me that many of the tech billionaires have already gotten their "upside" many times over from people like Engelbart and other researchers who were supported by ARPA, Parc, ONR, etc. Why would they insist on more upside, and that their money should be an "investment"? That isn't how the great inventions and fundamental technologies were created that eventually gave rise to the wealth that they tapped into after the fact.

“It would be really worth the while of people who do want to make money -- they think in terms of millions and billions -- to understand how the trillions -- those 3 and 4 extra zeros came about that they have tapped into. And to support that process.”

https://worrydream.com/2017-12-30-alan/

The titans of industry not understanding the importance of science beyond its profitable applications doesn’t surprise me at all.