Exactly right - this is a thinly veiled excuse for a planned large scale workforce reduction sidestepping some of the normal repercussions.
What I find most interesting here is that WFH is essentially a benefit (a big one) at this point, and they just eliminated a huge benefit. That usually has the effect of causing some of your greatest talent to walk - and leaving behind those people who either don't care about the benefit (there may be some, but I think this number is small) or don't immediately have the hireability to resign and go for greener pastures.
The tradeoff for grindr is that it'll make them temporarily look better on paper, but the loss of talent will probably hurt them in the long run. If there's one thing that seems to be true of modern capitalism, it's that companies are more than willing to fuck their futures over some perceived short term gains.
Grindr isn't the only company doing this. I'll be interested to see how this works out for all the employers using this same tactic.