Might apply to huge products making millions $ every day. Sure, delivering a bug will be expensive.

Might apply when you can't trust your colleagues (not skilled, reasonable or experienced enough).

Might apply if your code is niche but mission critical (maybe some safety system on a car or a dangerous tool, or surgery equipment).

Of course I agree with all you said.

But you're writing some Java/TS web app which isn't raking much money, or has still to be launched, or your biggest focus is time to market to beat competitors and you're wasting time on code reviews the author hasn't requested?

In this scenario (my current client) I want to have a team I can trust and gets stuff done. This does not imply that CRs don't happen or design isn't discussed, but it happens when it brings value or it is needed. And I like it that way, where we can build stuff, rather discussing how to build it.