Fair ball. I'd say if its being latched onto as a panacea, almost all approaches to process will fail if you lack the basics: a good market, an insightful product owner/manager, good engineers, and at least an adequate morale in the company.

I've seen companies/projects with all of those things still fail because of a poor process. This is where something like Kanban can help, IMO. Not trivial to implement though.