From Jason Schreier. “The plural of ‘anecdote’ is not ‘data’,” but this is some analysis from Schreier seemingly rooted in many anecdotes. The long and short of it is that development on AAA games tend to routinely hit bottlenecks where entire portions of a team are waiting for some other team to unblock them so that they can continue to get work done.
Of course the companies pin the graphics as a culprit. Otherwise they would have to admit the mismanagement is the reason they burn through millions of dollars. Mismanagement brings with it another aspect the author did not mention: stress and burnout. Either working too hard, or spinning wheels doing nothing is pure poison to a creative person. Constant direction changes, lack of clear communication, never knowing whether you did well or are on the verge of being laid off - all these make people work harder but output less/worse quality assets.
It’s how all big tech companies work.