The problem, like everything these days, is corporatism. Things have been added to the old development model to create positions for knowledgeless managers to do nothing and make money. Agile means fast without preparation. That name no longer reflects the model.
These days, businesses have become so ritualistic to maintain power structure that they're inefficient, and morale is low. It gets to an unsustainable point and fails, meaning mass layoffs and restructuring, or the organization itself going down.