It is a property of any large bureaucracy that a large proportion of the bureaucracy exists to serve itself. And it's not BS, it's a natural consequence of growth. Imagine you start in the mode of "moving fast and breaking stuff". Eventually, you break enough stuff that someone says "enough". So you develop some launch standards and guidelines. Then hire a team to enforce them. Then someone to build a launch tool. Then you realize you also need to manage legal risks, have standardized UIs, make sure that production services have backups and redundancy, and all of sudden, you have ten review processes. And then, it gets so difficult to navigate the process that teams hire PMs just to coordinate. And on, and on.

And then, someone needs to build cafeteria menus. And the tool to manage health care enrollment. And badging. And ultimately, you have a product that could probably be operated by a lean team of 100 people, but you have 5,000 employees to take care of all the auxiliary functions, from legal compliance to providing benefits. You need slack in that org structure too, because you don't want everything to grind to a halt when one important person leaves or takes a week off.

I don't understand why you find this objectionable. Would Google or Facebook be more fun if you were on a very small team with zero slack and constant grind, and there was no one to call if the printer is broken? Yes, it's a jobs program funded by the revenue from core services, but it ultimately makes life better for everyone?