Most companies do exactly this. I'd say the overwhelming majority of companies grow to a stable size and then just hum along providing products/services to customers, and paying a dividend to the owner(s). Think of most restaurants, bars, garages, farms, barbershops/salons, cafes, convenience stores, and other extremely common businesses. There are multinationals in each of these industries who aim for perpetual massive growth, but most businesses are not multinationals, are not listed on any stock exchange, and have owners who are generally content with managing a stable enterprise year after year without taking on massive debt or equity liabilities for risky expansions.
Multinationals get more press than boring stable restaurants and bars so it just seems that everyone is trying to build a worldwide empire. Only a minority of companies are trying to do that.