People like to make this point, but traditional engineering has the opposite problem: insanely overwrought processes and box-checking that exists for no reason and slows everything down to a snail's pace. Yes there are safety-critical parts, but they surrounded by a ton of bullshit.

It's also absurd to think that there is no company which does genuine software "engineering". If you break ads at Google/Meta, streaming at Netflix, etc there are massive consequences. They are heavily incentivized to properly engineer their systems.

The main thing that governs whether time is spent to well-engineer something is if there is incentive to do it. In traditional engineering that incentive is the law (Getting council approval, not getting sued, etc). In software engineering that incentive is revenue.