The problem is that this miserable state of affairs
works at scale.
Yes, on problems that exist at the scale of one or intelligent, educated, experienced, and dedicated human (or maybe up to 3-5), an individual or small team will run circles around a business. You can have a top-notch CEO and COO and HR manager and six program managers (each with zero domain experience other than running a Jira board) and four dozen junior consultants who memorized just enough to pass the interviews and an art department and sales and finance and IT. For some problems, that whole $50M enterprise will be utterly demolished by a couple of determined engineers.
Likewise, a monarchy with a wise, benevolent, and just king can flourish, whereas a corrupted and bureaucratically entangled democracy is woefully inefficient.
But if you want your kingdom to last more than two generations before succumbing to a greedy monarch, or want your enterprise to solve bigger problems that don't decompose nicely to small ones, to vertically integrate huge manufacturing systems and scale out to billions of units, the only method that works is the inefficient one. And it does work!