I like that quote.
For me, engineering is applied science for money. That's the main thing.
Someone is paying for everything you do.
We get into it because we care about the how more than the why, but we end up having to deal with the who is paying for this.
The boundary is fuzzy, engineering is heavily influenced by finance, otherwise it's just a hobby.
Formal methods are great or an awful decision depending on wether or not they make economic sense for your product or service at your organization's current stage.
Amazon EC2? A large, mature org, with products with extremely high fubar potential? Go wild.
Your startup where market-fit is not proven? WTF? Are you high? use that money on something else.
It's like unit testing, it in general makes great sense if the cost of maintaining the tests is lower than the opportunity cost of slowing down. If you're prototyping something that you'll likely throw away, it may be a bad idea. Once it proves value, you better build a decent test harness.
Startups take technical debt because it's cheap when the market fit is not demonstrated (you pay it back later once you have succeeded somewhat).
It's a rational decision.
You don't need perfection if you're building the wrong thing, first you figure out if what you're building makes sense, then you decide in what to invest.
On the other hand, if you're building a deep space probe, a large scale distributed system for hire, or any other thing were a failure is BAD (with capital letters), the extra cost of ensuring correctness is well worth it.