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This is entirely it. A corporation can't care about people, but the people in the corporation can.
Business interests have forced a lot of companies to avoid doing things that would offend the right, lest they pull government contracts for appearing to support people.
The people in the businesses who give a shit aren't going to expend energy defending something that ultimately doesn't matter, like the logo being rainbow colored.
The company I work for is one of the ones that didn't change it's logo, and it was explicitly communicated to be because it would risk stupid amounts of money from government contracts.
More efforts were put into things that actually matter. Instead of eliminating DEI, it was relabeled EEOC compliance and left unchanged, without much fanfare. ("Jen is transitioning from head of our DEI office to leading our office of EEOC compliance. Her responsibilities and reports remain the same"). Our benefits were quietly extended to cover a few more cases for relocation assistance to "cover new sources of employee relocation interest". Travel expenses related to reproductive healthcare became covered by the health plan, as well as for gender identity related care.
The company is a heartless profit seeking beast. The people in them have the ability to find a way to do the right thing while appeasing the beast, but it takes effort to push for things so they just don't push for the symbolic gestures.
It's shitty, and I have to imagine that it kinda stings to have token support deemed non-viable, but the world is also shit right now. :(