The value equation of a software development team isn't a product of their time and salary compared to the code/features/whatever-unit they produce. It's the theories and knowledge they build in their heads and share through the process of understanding problems and developing solutions. You can't optimize that process in a Taylorist fashion.
If there is a process called Agile that's still useful, it's built on this manifesto that eschews management in the Taylorist sense. The principles are built on a preference for organizations driven by the workers rather than the managers. It was perhaps too radical and too naive.
"It gets done when it gets done," is a glib way of saying that progress is more important than deadlines. The idea that systems take time and what's important is that people know where we're at and where we're heading more than threatening punishment for not delivering what we estimated at an agreed upon time.