I think it's happening. Capital One got rid of the 'Agile' division. Capital One follows leads from FAANG type companies and in turn, there are some other banks that follow (and marvel) what Capital One does.
They will just glom on to some other cargo cult. It was Six Sigma and the Capability Maturity Model and PMPs as far as the eye could see before Agile, Inc. figured out how to package and sell itself via SAFe and certifications.
Companies like Capital One will inevitably be seduced by the next great idea and will avoid hiring real leadership at the product and team level at all costs.
Decision-makers got to their lofty corporate positions because of how well they play the game will do everything in their power to make sure the game continues.
Not meant to defend (or bash) "agile" stuff, but isn't banking industry quite weird when it comes to modern software development? I'm simply not sure they can be a good example, given how generally awkward and legacy-ridden the whole industry is.
Capital One is still doing agile, they just fired the people that have that as their whole job. The managers and engineers now are in-charge of doing agile duties.
https://medium.com/serious-scrum/agile-layoff-nightmare-at-c...
Edit: another URL in case you don't want the one above: https://www.theregister.com/2023/01/20/capital_one/