In order to do that, the team had to work through the design of the epic.
They understood from this design the risks, effort required, uncertainty involved.
Then the managers had them do none of it, probably wisely.
Sometimes PMs will have devs implement a bit of the epic, to see how it's received. Sometimes, it isn't the most important thing and is shelved.
This is frugal, and probably wise.
From their viewpoint, they summoned the motivation and engagement to do all this design work, all this prep, all this hard intellectual labor... and nothing has come of it.
And when they actually got to "start" on the epic, it was shelved or deferred or cancelled -- again they feel their time was "wasted"
In fact, perhaps it is over-investment.
In doing small bits and waiting for feedback, they're validating the need for a thing.
Maybe that need is too small, or not urgent at all.
Maybe the estimate told them that it shouldn't be built.
Dev is assuming promises PMs aren't making.
PMs are drawing overinvestment in speculative work.
What if they were together in this?
Frugal?
Aligned?