We used to call that Waterfall, and it has been frowned upon for a while now.
So we went full circle, again.
So we went full circle, again.
Just having requirements and a specification isn't necessarily waterfall. Almost all agile processes at least have requirements, the more formal ones also do have specifications. You just do it more than once in a project, like once per sprint, story or whatever.
Now that agile practitioners have learned that requirements and upfront design actually is helpful, the only difference seems to be that the loops are tighter. That might not have been possible earlier without proper version control, without automated tests, and the software being delivered on solid media. A tight feedback loop is harder when someone has to travel to your customer and sit down at their machines to do any updates.