In a lot of the times, there is no V2 due to 1 of the 2 states:

1. V1 is too successful. You cannot slow down the growth. It is bad, but not as bad as people make it out to be. Many startups are trying very hard to be in this state.

2. V1 fails, so there is no point for V2.

In a large company, there is an additional state: long term ownership is hard. By the time, we should implement V2. The original team is already promoted for PMF and move on to a new shiny project. The new team would just complain tirelessly about the tech debt because obviously they aren't getting the reward and are stuck with a shit job.

Now nobody would advocate for this way again.

Not sure why my argument now turns the opposite direction.