Standard agency waterfall process. Definitely shooting for "perfect". The product just launched. It was funded by the client's extremely wealthy family and the upkeep fees should be tiny compared to the upfront cost they paid to the agency, so it should be able to stay afloat for a little while.

The real problem is the weak product idea. The agency wasn't in a position to tell the client their idea was bad because they wanted the money.

I hear you. The really sad part is that shipping your mvp is really "just the beginning," whereas a lot of agencies and clients assume that the job is done.