At the end of the day, all companies really give a shit about is profit. When it was trendy to jump on this bandwagon, they went for it. But if it starts to eat into shareholder profit they will quickly discard it. It seems like after the last economic crash, companies were looking for a way to seem like they were doing good without it costing them anything.
So, for example a company who actually wants to be ethical would ensure a decent living wage for it's staff, implement an ethical supply chain etc. but these things cost money, so they are a no go. So they focus on the easy wins - rainbow lanyards, awareness days etc. Things that seem fluffy and nice but are also cheap.
Which is also why certain minority groups (disabled people) are often left out of the discussion, because to implement an actual 'inclusive' workplace for these people would cost big money. We can't have that now can we?
So much of this stuff is also spurred on by young graduate employees who see themselves as activists first, and employees second (or as mentioned in the article, senior leaders wanting to appease the teenage children). Which is why it will be tricky to back down without saving face.
Also, I've worked in HR before, they are not averse to making more work themselves that is utterly meaningless. So maybe it's the beginning of the end, but there will be many who for their own self interest will want to keep the gravy train rolling.