S/4HANA programmes are usually framed as technical migrations with a deadline attached. That framing is what causes the most expensive outcome: under time pressure, the safe-looking choice is to carry existing custom code and process variation forward, because re-examining them is slow and politically difficult.
The result is a new platform constrained by the same accumulated complexity, at considerable cost, with the standardisation benefit that justified the business case never realised. The technical migration succeeded and the investment did not.