You make a good point but sometimes a short company name can help for branding purposes. For example:
WidgetWorld – Professional blue widget services
WidgetWorld – Affordable red widget tools
When people conduct multiple searches they well begin to see WidgetWorld everywhere and maybe begin to think that WidgetWorld may be the way to go. It is all about striking the ideal balance because I agree that taking out WidgetWorld in the title would be better from a purely SEO perspective.
Regardless, I agree with you that it can be a big waste with titles like:
WidgetWorld International Marketing Internet Sales Team Inc. – Blue Widgets
WidgetWorld International Marketing Internet Sales Team Inc. – Red Widgets
<added: Unless of course you were targeting keywords in your company name.>