What is the purpose of restructuring in an organization (not in code)?

My answer is this:

To put the right people in place with the necessary resources to lead the company.

If a restructuring takes place and that doesn’t happen, all you’ve done is make a feel good move.  If after a restructuring the same people are still leading the same people but with slightly different department names, then the chance for long term change is not great.  After a short time, the good feelings will wear off, and since nothing fundamentally changed, the status quo will continue.

It’s akin to holding lots of meetings to feel like you’re making progress.

While a restructuring might make sense, it isn’t the answer.  The answer is going to come from people and their willingness to carry out change.