There ends up being no shared vision of how it all works. Disparate pieces are developed and some poor sap ends up gluing them together in a painful manner, 2-3 months later. QA finds some edge cases, driving last minute fixes and delaying release.
Ultimately more difficult bugs escaped QA and go on to result in customer escalations.
Eventually, the feature gets cleaned up a year or two later, after another month or two of development effort.
Customers just see a broken feature for 2-3 years and give up on it.
So. Much. Waste.
It’s not about having a Chief Navel-Gazer Architect. Development on a shared code base is just not as parallelizable as one would desire.
One has to thoroughly understand exactly what they are doing and know all the relevant considerations. It isn’t practical for a group to all be capable of such for every feature. And nobody is going to take the time to write a detailed internal API spec that would even allow such to be possible…