Unfortunately, "Agile" is now mainstream bullshit, and, as you say, its now used by the business to just bypass any kind of engineering mastery, and just hire a bunch of junior devs and tell them what to do. "Scrum masters" are just "yes men". Most times, when a company says "We do Agile" they mean "We hired a bunch of script kiddies on a constant death march".
Scrum is about empowering developers, but Scrum itself does not empower them. If the developers are already empowered, then I believe it's useful for communication and direction. If the developers are not already empowered, then Scrum is actively bad. Scrum cannot empower developers. Scrum with disempowered developers is just disempowered developers but now without any kind of SDLC safety net.
But it has nothing to do with Agile or Scrum. It all has to do with company culture. It reminds me of my favorite Henrik Kniberg quote "If your company doesn't like the truth, than maybe Agile isn't for you". Very few companies realize value from script kiddies on a constant death march (great quote BTW) and that prevents no one from trying.
At my workplace they even invented a thing called "Agile Transformation Journey" and hired a bunch of scrum masters who call themselves "Agilists", because the whole org is falling apart on technical debt and clueless managers standing around pointing fingers. A few years into this "journey" and everything is exactly the same. Everyone knows this. The devs know this, the agilists know this, the managers know this but we all pretend to get along because it's an echo chamber. It's almost too fun too watch.
You-Can't-Fix-A-Broken-Culture-With-Agile.
Agile is just a set of cultural values. If you can't fix a broken culture with it, what is it good for?
What is it good for? In the current form - nothing. Sounds good, doesn't work.