I do think SV puts more trust in their engineering teams to produce polished software, whereas other companies will burn through tons of dev resources over nit-picking or implementing speculative edge-cases.
If you've got good business analysts, this is what they're supposed to be doing.
I think if you have great product people, great business analysts, and great developers, the system of PO-Analyst-Developer can work. The problem is that BAs and product people aren't generally making a ton of money, so the great ones will move on to more lucrative positions, and great developers get bored quickly if they're just given a list of JIRA tickets. So pretty soon, one of the three things breaks down then all hell breaks loose. The product folks don't have a clear business vision. The analysts are soft technically and don't know what questions to ask. The developers are either building a space shuttle when they need a bike, or they don't know how to build the bike in the first place.
The devs still tend to have to ask a lot of questions to get anywhere useful but in these situations the P* roles at least give them some traction to work from and get movement.
The best engineers I've ever worked with and for were constantly asking "why" and would get incredibly frustrated in this "Product Owner runs the backlog" type of organization.