> the team feels like they are caretakes as opposed to innovators, how does that impact them?

During my time at least (late COVID and layoffs), this was not perceived amongst the people I interacted with as a great position to be in unless you were raking in sizeable revenue for the company. Even then, I think folks always had eyes on the back of their heads.

> How can it really always be Day One?

I think for many there, it'd feel that way when you're a part of a re-org every year or the other and have to fulfill new projects and deadlines.