The time wasn't really wasted on the marginal improvements, it was literally just wasted doing nothing, for example an entire 2017 roadmap of which nothing whatsoever was delivered, allegedly pursuing some "secret project" called Destiny which was apparently completely abandoned (if it actually existed in any meaningful way) with the 70% layoff. The actual improvements which have been deployed (few though they are) took relatively little or even in some cases very little time.
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Yeah, Steemit Inc. has been catastrophically mismanaged. Still, the deployed improvements have also taken too much time, including discussions, testing and such. RC took the best part of 2018; HF21 took 4 months to implement (and several months of sporadic discussion before that); and they still mucked both of those with at least 3 chain halts. The only efficient development in recent times has been SPS, unsurprisingly not done by Steemit Inc.
Four months is a reasonable period of time compared to other blockchain projects.
The bug rate is definitely too high, I agree there. Even less well funded projects consistently do better, but then that's probably part of why at least a few dozen of them are worth more than Steem now.