To me it the estimates themselves don't really matter. Everybody already knows if something is gonna be worked on or not (at least kind of). The value I find from estimates is they encourage the team to discuss how something is gonna be built.
The best moments are when everybody estimates that something is "easy" except for exactly one person who says "this is super hard". Then there is a discussion about what the "easy" camp might have missed or perhaps the shortcut the "hard" person didn't know about.
At the end, everybody walks away understanding a little more about what the rest of the team is working on.
The issue is when organizations or bad POs or SMs subvert this and make it all about estimating everything exactly in story points where everybody has to be on the same page on the fact that 2 story point means 2 person days of work. And that is the only thing that estimations are used for at these places and every team has the same scale and get compared on how many points they deliver each sprint. And they press the teams for estimating ever smaller.
That is the kind of environment that most of the devs that hate Agile or Scrum are living in and it's no wonder they hate it. It's completely against the spirit of Scrum and agile so we can't blame them. Unfortunately they blame agile which was a try to make things better for them.
The best moments are when everybody estimates that something is "easy" except for exactly one person who says "this is super hard". Then there is a discussion about what the "easy" camp might have missed or perhaps the shortcut the "hard" person didn't know about.
At the end, everybody walks away understanding a little more about what the rest of the team is working on.