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.
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.