I worked in agile/scrum orgs with product managers who couldn't be bothered to write well formed tickets or truly keep a well groomed backlog, I think this is more normal than not outside Mag7.
A lot of work was noisy iteration with a guy/guys who change their mind a lot, and write nothing down. We met weekly to iterate, I suppose now one could meet 2x/day to iterate (10x!). I am not sure we would arrive at "done" 10x faster though. Probably 50-90% of the productivity boost would go towards.. doing more iterations.
For an external customer facing product with KPIs, A/B testing, etc that could show iterations relationship to revenue probably that's great. For a lot of internal tooling that is not good. A lot of senior devs kind of internalize this behavioral knowledge already and purposely cadence out changes to stakeholders to avoid this type of churn, while working on other things.
Re: backlog
My observation at work and in my work network is a lot of SWEs are using the productivity boost to burn down backlogs that probably never needed burning down. There's a reason some tickets were there for 2 years - they aren't actually needed, and everyone is too lazy to close them.
So in both cases we have problems expanding to fit the time available.