During the Renaissance, the five senses were understood to form a hierarchical system from the highest sense of vision down to touch. Vision was correlated to fire and light, hearing to air, smell to vapour, taste to water, and touch to earth.
Perhaps the human fascination with fire stems from the totality of its sensory stimulation. The fire gives a flickering and glowing light, ever moving, ever changing. It crackles and hisses and fills the room with the smells of smoke and wood and perhaps even food. It penetrates us with its warmth. Every sense is stimulated and all of their associated modes of perception, such as memory and an awareness of time, are also brought into play, focused on the one experience of the fire. Together they create such an intense feeling of reality, of the "here and nowness" of the moment, that the fire becomes completely captivating.
I want you to consider instead the possibility that Waterfall came to exist, and continues to exist, for the convenience of managers: people whose methods are inherited from military and civil engineering, and who, more than anything else, need you to promise them something specific, and then deliver exactly what you promised them, when you promised you’d deliver it. There exists many a corner office whose occupant, if forced to choose, will take an absence of surprises over a substantive outcome.
Features don’t work, in the sense that they can be easily gamed. A brittle and perfunctory implementation, done quickly, is going to score more intramural brownie points over a robust and complete one. If the question is "does product A have feature X?" then the answer is yes either way.
We use the term feature factory as a pejorative to designate companies addicted to adding features, while accumulating incalculable so-called technical debt. This situation is driven by management for the convenience of marketing, and I am skeptical that a more faithful application of Agile principles will correct it. Indeed, I suspect Agile processes are constitutionally vulnerable to this kind of compromise.
The presence of a feature can only indicate to a user if a goal is possible, behavior will determine how painful it will be to achieve it.