They built exactly what you wrote down. That was the problem.
A founder raises money and hires a dev shop. The shop asks for a spec — from someone who's never built software. The founder writes down their best guesses. Nobody asks why. Nobody digs into the users, the market, or the problem.
Progress updates arrive. The founder has no way to know if what they're seeing is good. "It works" is taken on faith.
Months later they're handed a platform they can't run, can't maintain, and can't extend. Every change needs a new contract. The money is spent, the platform sort of works — but not really — and the months are gone.