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In my own personal experience of that shit, it's just plain managerial incompetence at all levels - basically "bums on seats" is an easy thing to measure whilst in Services, outside domains with actual direct easy to measure results like sales, actual productivity is hard to define and hard to measure, especially in areas like Software Development where most projects are unique, so whenever you have management styles which are low on analysis and organisation - typically places with shot-from-the-hip management - you see low and mid-level management quality being judged on such easy to observe and measure things like people working more hours ("he inspires his people to work hard") rather than on things which are much harder to measure in a way which is standard across projects which are highly correlated to productivity.
From what I've seen there's a huge cultural component to this: countries with cultures which value being organised a lot have much more structured ways of work and of measuring the output of work and those are also countries where working long hours is rare, were countries which value improvisational skills above organisational (like my own Portugal, which in addition to one for "improvise" even has a unique verb for solving something on the spot without preparation) tend to not have standardized ways of measuring the output of work (unless that output is something obvious, like manufactured widgets) and working long hours is very common.
I don't think this is at all 5D chess by the Oppressor Class in Capitalism, I think it's a reflection of how much the local culture values organising and preparation as skills.
Now, people working long hours because they have to have multiple jobs to be able to survive, that's a different story and you would probably be right if you were saying that about those situations.
I don't think there's some cabal of Oligarchs that directly control the world order, that's conspiratorial thinking. It's more that power manufactures culture, and the power in this case is one that requires exploitation to continue to exist.
I agree that there are cultural differences that result in different approaches to work and productivity, but there are historical and material reasons why those cultural differences exist that largely have to do with the degree of inequality in that society. In a wealthy social democracy with less inequality like the Netherlands, people are not oppressed by long working hours, they are instead bribed with a higher quality of living and endless commodities.
The Netherlands is very Capitalist in my experience and yet they do not have a long hours work culture, whilst for example my own country (Portugal) after the Revolution that overthrew Fascism when the country was pretty Leftwing, had a long hours culture.
Also you see the different takes on working long hours in situations where people are their own bosses and aren't exactly the victims of oppression by their employer.
I think we need to separate people's tendency for disorganised work (which includes a management culture which is bad at organising) which then leads to people working extra hours and the exploitation of people around working extra hours (such as them having no choice but doing it and even them not getting paid overtime).
The former is, IMHO, inherently cultural, but the latter is fully Capitalism in action (and very much reflects the inbalance of power between the Owner Class and the Worker Class when Organised Work is weak and governments do not represent the interests of the majority).
Whilst the two sides are correlated (i.e. if overwork costs money to employees it naturaly tends to be done less than when it doesn't cost extra), it's my impression that in Industries were overwork is paid, and similarly, in two different countries, there is more overwork in countries which don't have a culture of being organised than in those which do have such a culture, even though in both there is a similar pressure not to do overwork because it costs extra money over just having people do the work in their normal work time. I think this is because in the most disorganised countries resourcing, planning and predictability are worse so situations were overwork is the only viable option arise more often even when there are actual higher costs in using it than in doing things during the normal work period.
In summary, I think you are right in that Capitalism is part of the reason, I just think it's not the only reason and the way it interacts with the other causes of the problem is complex, so in some situations Capitalism is very straightforwardly by far the main reason of long hours of work, whilst in other situations it's not at all the reason.