They force the developing team to have a huge number of meetings and email threads that they must steer themselves to check off a ridiculously large list of "must haves" that are usually well outside their domain expertise.
The result is that any non-critical or internally contentious features get cut ruthlessly in order to make the launch date (so that the team can make sure it happens before their next performance review).
It's too hard to get the "approving" teams to work with the actual developers to iron these issues out ahead of time, so they just don't.
Buck passed, product launched.