A lot of disagreement apparently but I agree with you. Been doing this a long time and never seen it be a good idea.

I completed one successfully and it paralyzed a team of five for a year. Thankfully it was an internal product being rewritten for sale so the affect on users was minimal, but we also lost a year of potential sales.

Every other attempt I've seen has started with beautiful ideas, rainbows and pots of gold at the end, but went south after the first 20% code written and things got hard.

It's possible to do if you're willing to cripple development efforts or progress for an extended period and understand the result will have it's own issues and a rewrite isn't a silver bullet.