you almost got there and then you turned in a different direction. It is entirely a monetary phenomenon.

Zero percent interest rates mean that capital has no value, zero, literally.
This allows, nay, forces distortions such as the rampant off-shoring and automation as the money is free to organise these sometimes massive changes, and any company not going there will be punished by the shareholders, who as we know, usually don't have a long term vision.
And probably punished by various levels of government bureaucracy too.

Companies are not cutting off their noses to spite their faces, they are acting in their own best interests in an unheard of monetary regime.

Think about Nirp, for just one second (Negative Interest Rate Policy) the idea that you should pay every year to let someone else use your accumulated capital.

not in any reality does this make sense, yet there is some huge quantity of negative yielding bonds in the market right now. I just looked for a current figure and was not successful quickly.

but it's trillions.

just my two cents