You are spot-on Marc,

Even though MVP is about the learning curve and as you pointed out, failing fast with least amount of waste, one common misunderstanding is building scooters while you are sure needs can only be met by a Ferrari. In some cases, we build a Ferrari engine into the scooter and call it MVP. This is under-delivery and as Henrik call them, Minimum Releasable Crap.

We should never ignore the fact that MVP is one approach to create a Learning Feedback Loop. It must not be a short cut to cut down your development cost.