That's a bit of a spurious argument.
It assumes that the leaders of company are all thinking rationally and are aiming, at all times, to maximize the profitability of the company, and that simply isn't the case in many situations.
Are their times where being in-person is a boost to productivity? Of course, but that's tautological (just as people in this thread mentioning hospitality and nursing). No one is doubting, nor is anyone making the argument, that 100% work-from-home is always better from a productivity standpoint.
As other people have said, many of these companies have a fat, unduly-paid layer of middle managers who don't contribute particularly much to the company, but also have a lot more sway with the leaders of these companies than the rank-and-file employees (the ones who are mainly being tasked with returning to the office). Those managers are the ones who are likely salaries, likely have contracts that include benefits and severance packages, and are the ones most-likely to raise a serious stink should they be terminated, even if they aren't particularly productive. They're the bureaucratic fat that tastes good in the moment, but do long-term damage if you continue to gorge yourself on it.
A more cynical take that I have is that many of these companies built new office buildings and signed new leases in the runup to 2020, and are simply unable to get out of them without taking a significant hit. They still have to pay rent regardless of whether the office space is being used, and given that it's quicker to shed costs by employee attrition than trying to get out of commercial real estate leases and ownership, they're taking option A rather than option B.
I can't speak for this company (even though the earbud space seems like an odd area to expand in, given that relative juggernauts like Jabra are actively getting out of it), but when it comes to people at the company who work in areas like sales or the back office, I can't imagine the argument that they're more productive (let alone significantly more productive) in the office rather than remote. As I said before, commercial real estate is expensive, and this company is headquartered in London, so I'm sure they want to get their money's worth out of their office space exposure.