In this framing, a factory is supposed to be bad? Aren’t factories efficient and the best way of producing things at scale?
In the software "feature factory", people have mostly forgotten about that, usually because someone does it "in their spare time". I guarantee you that no factory worker lubricates the machines off the clock. I am not sure why we should treat software any differently.
A "feature factory" model is bad because it masquerades as progress.
"Value" is harder to define, and often can't be measured _simply_ with metrics - you need metrics for insights, but most metrics are very much trailing indicators. Also there are lots of silly metrics like "tickets closed" that are easy, and naturally companies gravitate towards anything easy as the number of people rises. And factories love metrics.