You're not wrong, but it's a "dysfunction" that many successful tech companies have learned to leverage.
The reality is, most engineers spend far less than half their time writing new code. This is where the 80/20 principle comes into play. It's common for 80% of a company's revenue to come from 20% of its features. That core, revenue-generating code is often mature and requires more maintenance than new code. Its stability allows the company to afford what you call "dysfunction": having a large portion of engineers work on speculative features and "big bets" that might never see the light of day.
So, while it looks like a bug from a pure "coding hours" perspective, for many businesses, it's a strategic feature!
I suspect a lot of that organizational dysfunction is related to a couple of things that might be changed by adjusting individual developer coding productivity:
1) aligning the work of multiple developers
2) ensuring that developer attention is focused only on the right problems
3) updating stakeholders on progress of code buildout
4) preventing too much code being produced because of the maintenance burden
If agentic tooling reduces the cost of code ownership, annd allows individual developers to make more changes across a broader scope of a codebase more quickly, all of this organizational overhead also needs to be revisited.
The reality is, most engineers spend far less than half their time writing new code. This is where the 80/20 principle comes into play. It's common for 80% of a company's revenue to come from 20% of its features. That core, revenue-generating code is often mature and requires more maintenance than new code. Its stability allows the company to afford what you call "dysfunction": having a large portion of engineers work on speculative features and "big bets" that might never see the light of day.
So, while it looks like a bug from a pure "coding hours" perspective, for many businesses, it's a strategic feature!