Is nestle creating milk products for babies who would be better off breastfed? I wonder about their work in africa.

Somewhat. Nestle is not creating a specific mild substitute for this process. Instead they already have the substitute available. They have been criticized however for promoting these products and encouraging mothers in Africa not to breast feed. This would eliminate the known advantage of breast feeding as well as the bonding.
See below. No. There is no conspiracy. Formula is an alternative form of nutrition for mothers who do not ant to or can not breast feed.
No news here!! Three + decades ago the world health organization called out Nestle International for promoting their baby formula in India. There questionable water supplies often led to dysentery and death in kids who would be better off breast fed. Nestle got into the US market by buying out Gerber foods, who had never made formula and rebranding Nestle formula under that name.