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People tend to take their cues from what others think, even when those opinions are flawed - Daniel Kahneman
At its core, this quote is about social proof, our brain's tendency to outsource difficult thinking to the group, trusting the collective opinion even when it's wrong.
The planning fallacy is that we make plans Meaning Factcheck Usage

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The planning fallacy is that we make plans assuming best-case scenarios, ignoring how long things usually take - Daniel Kahneman
It's the systematic and predictable cognitive bias where we confidently create plans based on a best-case scenario, completely ignoring the statistical reality of how long similar tasks have actually taken in the past.