I'd say more generally the product of not enough market competition. It's the equivalent of animals that evolve to signal fitness through useless plumage or ornamental antlers. The Canadian banks are a good case study in this regard (not just with respect to diversity). They have no competition and are completely undifferentiated so instead just focus on irrelevant fitness signalling that has no relation with the actual services they offer (which consist of exploiting monopoly power to a screw their customers). The same has been in effect true in tech, so we end up with initiatives like the one under discussion instead of focusing on a product or service