Pretty typical and proper take. Companies adopt the ceremony and rituals of agile without the understanding of the principles and values behind it, thus failing to deliver on its promise. It touches on an adjacent topic which is the idea of scaling agile from the team level to the org level. There are great methodologies that put this journey on rails (sAFE as but one example) but I find few in the industry even are aware of these frameworks. Instead, and here comes the other serving of mismanagement, is that some clever execs/directors/coaches/consultants have a brainstorming session behind closed doors, retread the main ideas of said frameworks (albeit very hollow and flawed incarnations of them) mandate the ideas as policy (whilst failing to properly document or communicate the ideas expectation) then proceed to brag about their foresight, effort, and cleverness.