Along the same cynical lines of thinking, I bet this is part of the whole belt-tightening move. If employee retention is not a priority, managers can reduce or neglect related tasks (think 1:1s, career development, ...) and manager-to-IC ratio can be reduced.
In 20 years, I can count the times I had a useful 1:1 on one hand. Early in my career, it seemed like a monthly thing. Only in the past decade or so did it become a weekly "requirement."