Is it a case of too many cooks in the kitchen? Company and developers are busy and successful, so they hire more, which continues until they are no longer succ

Is it a case of too many cooks in the kitchen? Company and developers are busy and successful, so they hire more, which continues until they are no longer successful. They remain busy, however, progress on the product is roughly constant. All the additional work capacity is spent on meetings and otherwise organizing the increased worker count. I believe the above describes every situation in which I have been asked to break down Jira tasks into unnaturally small tasks.