Do you think that formal specifications might alleviate logical bugs to an extent?

Yes, it appears that companies won't budget that at all. Many seem to ship fast, fix later. It is also on the customer, really.

Some people expecting software developers to deliver high quality software (with near 100 % code coverage and exceptional performance), but paying them less and less, is not fair. No wonder, some devs are incentivized to skip unit tests or error handling. Because some employer or some customer won't pay for it.

This is the status quo that makes me pessimistic. It appears that software development is gluing things together and make it somehow work.

This ain't fun for me.