It is, at best, a different set of trade offs. What it has become is like you said, some sort of cult where management gets everything they want and don't have to pay any costs.

I've worked at two places where my tech lead at least recognized that if scope or requirements changed then deadlines changed. Now I am at a place where agile is just a word thrown at any problem and now we have things like being asked to integrate third party tools that we don't receive until a week before the deadline. My team stayed till 2 am and was back in at 9am the next day and _literally no one_ saw a problem because it's "agile" and that's what you do when your agile