To me, Occam's razor says that a grand, company-wide initiative is unlikely, and it's more likely a series of isolated projects that individually make sense and that well-meaning engineers can work on in good conscience.

This is actually a scarier prospect: it means that a large organization can do unethical things even when almost all individuals involved act ethically. This makes it hard for an individual engineer to ensure that their own actions don't contribute to unethical behaviour.