Many businesses follow the process model.
Established businesses see the benefit regularly, but their margins are slimmer.
Few start-ups succeed with it.
I suspect the reason is because the start-up often is doing something new and exciting, attracts quality people who make a sufficient number of good decisions that the end result is passable, was built at low cost, and can reap the kinds of margin needed by investors.
I have now seen three companies attempt to migrate from the start-up mentality into the more mature process model; two are still flailing with it after years and years, and one is actually grinding through it with a fair bit of success.
I used to favor the open and artsy approach, but that was effective because most software developers were engineers, and evaluated the whole problem as best they could. With the passing of time, I see the software development environment has become less about engineering and more about having a job. The need for process has increased to compensate for the absence of engineering discipline in the marketplace.
I begrudgingly admit that for most businesses, you have it right. The fixed process, cumbersome though it be, allows risk-averse delivery. Software is so commonplace now, this is needed far more than I could have ever wanted to admit.
I believe there are places where trusting your developers to make the right choices, and artsy/freelance approaches like the Boy Scout Rule, have a benefit. But the number of places where such things work well for a business are shrinking rapidly. And it would not suprise me that you don't see it. On that, we are likely to simply disagree, and I'm okay with that.
Process is great until it gets in the way. Someone once shared their managerial philosophy: If you can't measure it, you can't manage it. Most process-oriented people see this as an absolute, but the reason is simple: A single failure is unacceptable in their world.
Without risk, profit margins are reduced. Do you go with safety, or margin?
I have come to the conclusion that the answer to this is not as cut and dried as most people with an opinion on the matter would have us believe. There is a time and a place for each. But where software development tends to take place in business these days, the vast majority, unfortunately, must favor safety.
And the sun still comes up tomorrow.