That's a very good observation, and I suppose that in some cases the strict and deliberate split of Business and IT was done to keep departments from going off and setting up all manner of rogue IT projects. I have seen other specific measures being taken to prevent just that sort of thing. However, I see the exact same organisational trends in companies that profess to continuously improve their ways of doing business through innovative IT. In those cases, the downside is very real, and as far as I can see not very well understood or even recognized. Big IT-driven change projects and pilots of innovative technology are enthusiastically started, but fail to deliver the potential business benefits because of a lack of IT knowledge of management on the steering committee, and because of a lack of intimacy between business and IT.
I'd argue that there are still big gains being made with new IT; the need for continued innovation is still there. For starters, replacing traditional inventory and accounting with computer based solutions hasn't been a big bang where all the benefits were realized in a short time. These things evolved from basic isolated solutions, adding bar codes and inventory tracking, automated warehouses, JIT logistics, ERP, standardisation in integration tech that allows easy outsourcing of payroll and other business processes, etc. And this process continues. My current client suffers from the stuff I described above, but that doesn't mean that all their projects fail, and we've seen some significant tangible benefits coming out of the use of mobile devices, new ways of learning and providing support, a shift to SAAS, virtualisation, web-based solutions (thin client), and they even still develop some bespoke software that gives them a real competitive edge. They go for "commodity tools" in the sense that their strategy is to "buy not build" where possible, but the stuff they buy is being improved upon all the time, and even SAAS solutions do not free you from having to have at least some knowledge of IT when rolling them out into the organisation.
Keep in mind that innovation doesn't mean operating on the bleeding edge of tech or inventing your own stuff, in most cases it means adjusting your organisation and the way you do business to take advantage of advances being made in tech that is already available as "boring" commodity software or services.