From the employess perspective it is a huge prductivity and salary gain, that costs the company nothing. If you work 40 hours a week, but also spend 2 hours for your commute every day, you effectively spend 50 hours for work in a week.
So pulling the people back to office is factually a 25% work time increase and a 20% decrease on the hourly wage. Yet the company is only receiving the same 40 hours of work that can be productive for them. This has to fail in raising productivity.
I really hope that in 10 years people will look back at this and be flabbergasted by how painfully obious WFH is the better choice for everyone working in office jobs, and people could be so stupid today to pull them back into the office.