I agree it isn’t perfect, but neither is MVP. The MVP can be used as an excuse to put out rubbish, I like the idea of putting out something that at least does what it says on the label. Like you though, I too have witnessed that ‘V’ turn into an overbloated, overweighted ideal that ends up lengthening the feedback loops unnecessarily.
That isn’t to say MVP is all bad, I think at times very misunderstood. A paper test can be an MVP, the concept of MVP is all about generating validated learning. Unfortunately, many people see this as “RUSH THIS TO MARKET”. Real MVPs are points of discovery, not an excuse to do shoddy work. Like many things, what is simple in concept becomes harder in practice. (It’s a communication problem not a math problem)
Whilst SLC isn’t quite there either. What I appreciate is the idea of getting back to making our users awesome by providing something that works. It isn’t necessarily perfect, but it does work and do what it says. This isn’t always possible, but nice to aim for.
If nothing else it gets us thinking about the idea of just what an MVP should look like in the context of your current product. That is useful too.