I think it's more to do with most companies misunderstanding kaizen and muda and then as a result then miss-implementing JIT as a rigid structure which must remove all inventory at all cost to benefit short-term profits. At no point reflecting and improving.
As opposed to accurately identifying waste and zero-value add. Holding inventory suitable to maintaining production in case of supply disruption is not waste, dependant on the type of inventory.
Stupid example, but say your production process requires sea water - You'd be insane to keep months of inventory of it. If your supply line is disrupted, it doesn't matter, arranging alternative is relatively simple.
If, however, you require silicon which is only available from a couple of fabs in a small geographic area, holding inventory of that is not waste... Disruption to that supply line isn't solvable by flipping to a new supplier.
Etc etc
Yadda Yadda