They have poor management skills in the first place and only really luck into where they are, because of this they have zero adaptability and all they see is a bill for unused office space and with all the easy money recently drying up investors are gonna put the squeeze on c-suite pricks who would rather shoot up prices than eat their golden parachute.
Middle managers are on board because, similarly, they don’t know how to manage remote work and can’t adapt, which should just mean their salary appropriately adjust downward but lol.