Now almost the entirety of its functionality is to help various middle managers track things that are important to them, while continuously making development slower. Manager 1 wants to track Metric A? Add a drop down. Manager 2 wants to track Metric B? Add a new form to fill out. And tie them all together with workflows so that you can't do your work and mark it as complete until all the boxes are checked and fields are filled.
Those that haven't experienced this probably just haven't worked in a medium or large corporation.