Consensus-seeking reduces variance. This is the approach to take when failure is expensive. Blindly applying this approach leads to design by committee and wasted productivity.
It works for them, but there are many drawbacks.
I will say that the Quality of the stuff this company made was staggering. Not a huge money-maker, though. Their process had levels of overhead that would have most folks on this site, huddled under their standing desks, whimpering.
That's hugely touching, I'll remember it forever.