Waterfall isn't an engineering methodology, it's an investment methodology. Engineering will mirror the interests of the capital. And sometimes capital wants

Waterfall isn't an engineering methodology, it's an investment methodology. Engineering will mirror the interests of the capital. And sometimes capital wants to build the same thing again for a "safe" return, rather than building something new for a transformative return. IMHO it's not actually a safe investment strategy, but I understand where it comes from.