Emily's Project is Delayed
This is also a huge waste of everyone's time. Emily's going to have to repeat the same work unnecessarily, and the Platform team is doing these reviews manually - at scheduled intervals - so there are several days wasted even just waiting for that review.
And this is just the first iteration. How many more cycles is it going to take before the spec is good enough? How much is that going to delay the end go-live?
Manual Efforts Cannot Scale
It's not just Emily and the Mortgages team that suffers here. Acme is following best practice and using a single API platform for global discovery and re-use across the business. This means as adoption grows, the Platform team needs to onboard and support more and more teams across the organization, and then have more and more APIs coming in for review on top of all the other work they have to do. Their backlog just keeps growing.
The Platform team ends up being stretched very thin, so rather than spending enough time fully reviewing every API, they end up having to prioritize and rush things to make sure that everything's done in time.