Products with heavy debt tend to get rewritten rather than fixed. So it makes sense to keep the schedule through shortcuts and push as many features as possible. Then throwaway the product and rewrite in something newer and more modern.
For developers the benefit is your resume will have the latest tech and you can write sloppy non-abstracted code and not worrying about having to support the product later. Management gets increased visibility into each task with an accurately followed schedule.
Not a surprise it has become so popular. If I could change one thing I would make the scrum master in charge of technical documentation. That one change would force the master into understanding the code at a lower level. That would make them the most knowledgable person on the project thus it would remove the need for daily standups because team members could go to the master at any point in the day with questions or to coordinate effort.