Might be a bit reductive, but I think you can probably explain >90% of modern business decisions this way. Being completely out of touch with how a normal person lives seems to have serious impact on just about everything they do.
These people have very different problems than normal people, and they solve them in very different ways. And most of them were born rich, and have always been rich, so they can't even imagine what a normal person's life and needs are. If your target market is also rich executives, then by all means, have your rich executives dream up product features. But now, most of tech are producing solutions for rich tech executives, but hoping that normal people buy them, and they are wondering why normal people don't care.
These people have very different problems than normal people, and they solve them in very different ways. And most of them were born rich, and have always been rich, so they can't even imagine what a normal person's life and needs are. If your target market is also rich executives, then by all means, have your rich executives dream up product features. But now, most of tech are producing solutions for rich tech executives, but hoping that normal people buy them, and they are wondering why normal people don't care.