It could be either, but yea, I have seen this mostly at companies with too many product owners and designers who are trying to build their portfolio, and they are enabled by too many developers who just say "yes" to everything they are asked to write.
But, the industry does also have a "Developers Gotta Develop" problem. The way I've seen it explained is: "Programmers are like beavers. Leave a beaver alone to decide what to do and they'll just keep building dams, regardless of the fact that their home is done." I don't know if that's really true about beavers, but it's true about software organizations. The whole software development team will just continue changing the software even long past the point where they're done.
But, the industry does also have a "Developers Gotta Develop" problem. The way I've seen it explained is: "Programmers are like beavers. Leave a beaver alone to decide what to do and they'll just keep building dams, regardless of the fact that their home is done." I don't know if that's really true about beavers, but it's true about software organizations. The whole software development team will just continue changing the software even long past the point where they're done.