> There needs to be a stable narrative to shareholders

I don't disagree with that. In fact, knowing the end goal is even more important when actions are "skunkworks".

> Moving all software development into part of the business with 0 expected returns

Agile's focus on "Working software is the primary measure of progress. ... early and continuous delivery of valuable software." is IMHO the opposite of that characterisation; as it demonstrates value and solicits feedback as soon as feasible. Note that this has very little to do with "is it following a pre-agreed plan or not?".

The issue is more that too many businesses believe that software development is best done as top-down detailed micromanagement, and the tools at hand (i.e. Jira) lean into this delusion.