"product with a bunch of [essential] features chopped off" is the most frustrating aspect of MVPs being misused.

The scenario I've seen loads with existing legacy systems is analogous having a decent but aging car, then some upstart waltzes in and pitches an MVP approach, only for the aging car to be replaced by an underpowered scooter, completely lacking boot space or whatever other essential requirement there is, but you cannot argue that this isn't acceptable "because MVP".