What about updating the specification before updating the UI?
Early prototyping, designers and developers working together directly, continuous builds, frequent feedback from users—all of these things feed into this improvement process and make the end result better. I'd worry that formal specifications would have the opposite effect.
If what you are getting at is that it is not widely used/not used in anything “successful” and thus just a pipe dream, then I understand your concern. But that doesn’t mean it can’t be a useful strategy for some fields nor that it couldn’t produce more reliable systems.