Yup. Agile definitely suffers from the "nobody ever tried Communism correctly" argument. As far as I'm concerned Agile is: A) nearly impossible to get right, and B) not particularly helpful at unfucking poorly run projects.

It's definitely not a magic bullet and I suppose the only reason it's had the staying power it has had is because unlike other project management philosophies, it has an extremely profitable "Agile Seminary" ecosystem.