I'm doing my dissertation on breastfeeding - specifically, how to increase population breastfeeding rates via education of staff. It's hard. Women don't choose to breastfeed (or formula feed) in a vacuum. Staff education and assistance is one component, but you're also dealing with culture, religion, family systems, job requirements (it's often hard to take pump breaks even if they're legally mandated), and a dozen other things.
In doing chart reviews pre- and post-intervention I found that A LOT of women start out breastfeeding in the hospital and somewhere between days 4 and 30 postpartum, things often go sideways. I think we all kind of know that happens, but to see it in black and white that from the time women leave the hospital until about a month postpartum (in my case I am looking at WIC charts) the % of breastfeeding women dropped by half or more at the facility where I'm doing my project. They get home from the hospital and milk's not in, nipples are sore, the baby's screaming, and mom's exhausted, or pick your reason. It's easier to give a bottle. I really think we are failing new moms in a lot of areas, this being a primary one. We ask them to breastfeed but don't support them when they try, and when breastfeeding doesn't work we berate them. This is of course a generalization, but y'all get my point.
Formula companies advertise their products way too much, IMO. Formula's good when we need it but we don't need it to be advertised to consumers. Everyone knows it's out there. Like everyone else trying to sell a product, formula companies are not above sleight of hand. The International Code for the Marketing of Breastmilk Substitutes has been out since 1981. It's not new.
In the case of medical necessity, I absolutely agree - fed is best. That's what the leading reference texts say too. I'm glad to work in a place where the LCs are practical as much as they are passionate. OP, I'm glad you and your wife have found what works for you.