Doesn't Waterfall incorporate feedback? In my memory and experience, it does.
My memory of learning Waterfall back in the early 90s is a bit hazy, but I distinctly remember that one of the advantages touted was that mistakes earlier in the process of developing software are cheaper to fix than mistakes later in the process (no matter what the process is).
Finding an error when drawing up the requirements is orders of magnitudes cheaper to fix than finding an error after piloting at the client.
As I remember it, Waterfall was taught (to me) as a way to avoid developing the wrong product, or a product that does not meet the requirements of the end-user (sound familiar?)
My SDLC textbooks from back then were filled with different ways to elicit requirements, because fixing broken requirements after the product was developed was (and probably still is) bloody expensive.
In the same way, fixing bugs during a test phase is a lot cheaper than after a deployment phase (hence various types of testing were introduced by the textbook).
Fixing bugs during a pilot phase is a lot cheaper than after a full deployment, hence piloting was in the textbook as well.
Agile aims to deliver features one sprint at a time. Waterfall aims to deliver the specified system as a whole or not at all. Which one works better is probably contextual, but I cannot see either one being unconditionally better than the other.