The thing that killed Waterfall was that discovering your spec was wrong months later, after lots of code had been written - and fixing it cost a fortune because writing code was the most expensive part of the process.

The thing is, you can’t just constantly adapt a software to changing requirements. If the foundation was made for a different terrain and building, whatever you build on it will not stand stable either.
So with agile, you get more stress for your developers for free and the result barely works. If the company really did agile and not tbe usual mess.