When there is another person from the same company on the same flight (not an infrequent occurrence), when someone posts an uncautious photo on social media, when someone simply tells... Obviously, people can assess individual circumstances and risk given their own specific case - you do that when flying on your own for work between Auckland and the Solomon island whilst your company is based in Paris, you will probably be fine, you do it on a trip to join a big meeting or fair in which your company is well represented, or when flying on the route between the two company's head office where there is a strong chance someone from your company might be onboard and recognise you, you may wish to think twice.

So no, I don't think that's a purely theoretical issue (and again, it's not something I had thought of myself but based on people reporting having experienced the problem!)