Repeat after me: Management loves their bullies. That's the answer.
Bullies are often very savvy with social skills, with political skills, often good looking or at least very charming. They know how to work the executives to their advantage.
Bullies do Management's dirty work for them. Management stays "clean" and enjoys the "services" the bully provides - namely to force undesirable workers to quit, thus saving the company money (and a worker can be seen as undesirable for any reason or none at all, just not liked), and to scare other employees into compliance and complacency.
Bullying is not illegal - unless it occurs against someone's race, religion, etc. Even then it can be very hard to prove.
Most victims of bullying lack the correct skills to deal with and stop bullying. They whine to other coworkers, who want nothing to do with the victim lest they be associated with the victim, or they reach out for help to those who love the bully, or they appeal for justice and fairness (which doesn't exist, don't look for it) or they let themselves become emotional and overwhelmed by the bully, and end up crying and blubbering at their hearings looking like they are unstable or a troublemaker - while the bully is cool, calm, and looks rational and put together.
If you are being bullied, you won't win - you are done. You will always be seen as a 'bad employee' by management. Polish the resume and move on. Get therapy, practice social skills and political skills, there are skills you can learn to deal with bullies but for a lot of victims (for various reasons) they are not capable of standing up appropriately to bullies, often falling apart. Better to work where you fit in, where your temperament and skills are appreciated.
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