And in some cases, there isn't a reason to continue to step 2 or 3. Software generally has a shelf-life. Most businesses write code that should be rewritten every 5-10 years, but there's that kernel of code that _never_ changes... that's the code that really needs step 2 and 3. The rest, probably only runs occasionally and doesn't explicitely need to be extremely tested and fast.

You write a tech debt ticket and move on.

I've used a similar mantra of "make it work, make it pretty, make it fast" for two decades.

I think I've had to get to step 3 once and that was because the specs went from "one device" to "20 devices and two factories" after step 1 :D