One question it leaves me with is “how.” How do you get it down to an MVP? How do you or can you know what features are the most important? Most importantly, a fixed scope and budget has a product (even a bad one) at the end. It’s possible that a fixed budget with many many changes will not result in a full product. How do you explain and mitigate that outcome?
In my experience, a more focused product built by investing in testing and iteration is always more valuable (and more successful) than a large-scale app built blind from start to finish.