And while it is very true that often the research coming out of Academia is useless, what is always neglected are the roots of the research done in private labs.
When Jürgen Schmidhuber and team published their work on Neural Nets back in 1991 it was also useless. Unless you had a supercomputer and very, very deep pockets you were not going to do anything with what came out of their lab.
But still, 30 years later here we are, standing on top of the shoulders of this useless research.
The closest to that that I've seen is that traditional academia approaches are too far removed from practical applications for highly applied fields like software engineering, or too slow for fast-moving fields like modern day ML (thus, all the preprints).
Indeed I remember buying a set of three conference-papers-as-books around that time, titled Artificial Neural Networks .. proceedings of the whatever the conference was.
No doubt Schmidhuber made important contributions, but I see him pop up claiming to be the 'root' of it all every couple of years.
related paragraph from Wikipedia:
Modern backpropagation was first published by Seppo Linnainmaa as "reverse mode of automatic differentiation" (1970)[26] for discrete connected networks of nested differentiable functions.[27][28][29]
In 1982, Paul Werbos applied backpropagation to MLPs in the way that has become standard.
Both papers are direct applications of the chain rule applied to estimate the gradient of a multivariate function.