Most obnoxious company process: The newly introduced promotion process at my ex-employer.

Originally they had a run-of-the-mill process. You and your boss reviewed your performance independently, then spent an hour to compare results. If you agreed to have proven yourself, your boss did some remaining paperwork (iow he did his job) and done.

Under the guise of transparency, fairness and autonomy of employees this was changed to:
You had to find three coworkers willing to review you (favorably). You collected their feedback, processed that (strengths, "opportunities for improvement", etc) and presented it to your boss for review. These were the first two steps of four in total, of which I've forgotten the other details tbh. It became pretty ridiculous with you defining "progress indicators", your boss's boss involved in another review round and what not.

The true purpose was clear: Delaying promotions as long as possible, making the employees do all the work, and being able to just say "no" at any point. I don't know how intellectually superior managers and HR viewed themselves, because literally none of my coworkers bought this as an improvement.

But, yeah, that became the new process at a company too big to fail.