Well, for having been in academic research for about 6 years now, I have to admit that I have seen a lot of "cerebral masturbation"...
A researcher should look at the stars while keeping feet on the ground. While industry bury deep your feet in earth, academia inflate your lungs with helium... Do not misunderstand me, there are a lot of good, realistic researchers in academia, but here it is allowed to be bad and do not consider any real life constraints, while industry is less forgiving. Also, academia differs strongly from one continent to another... So far I only experienced european academic world ;)
I have been in industry R&D for many years and I have seen many good projects in various universities (of course, I have also seen many garbage ones).
It is difficult to convince a company's management to cooperate with university. Yes, you are right, because they believe academic research are garbage.
But the fact is both good research and bad research are come from academic. Normally industry research can only produce average ones.