Kind of true, but the root cause wasn't "well we could release, but it isn't good enough", it was "we've taken so long to get here that nobody would buy it because it's already so old before even being released, we'll have to start again". The rewrites were cause by the delays - and sure, they caused more delays themselves, but not as much as the original delays.

And in the end, they put out a product that they knew wasn't good enough. Literally knew it.