As a Product Owner I am biased, but sympathetic. The ceremonies and oversight certainly
can slow down velocity. But there are many benefits, and they are not immediately apparent to developers.
Alignment is so important, and it's rare that I've found a team not using scrum which is working harmoniously. In reality, some members of the team aren't pulling their weight and it's causing animosity. Or they're working at odds and not communicating the pieces they're developing. A huge one for me is stakeholder alignment. Without scrum it's awfully common for developers to build things the stakeholder doesn't want. Scrum forces regular check-in and demonstration which otherwise rarely happens organically.
A big part of scrum is accountability. As I touched on, when people aren't pulling their weight, it hurts everyone. Unfortunately developers are rarely extroverts, and they often don't have the skills or desire to have tough conversations with each other. Sometimes it's just agreeing on what they find acceptable behaviour and work. Sometimes it's adapting to different ways of work, or neurological issues with a team member. You might be surprised to learn that a lot of developers are on the spectrum. Scrum forces these conversations to the fore and provides a tested framework for conflict resolution.
We also gain transparency. This is really important so that all the other supporting business functions can operate. Sales can communicate with customers about important updates and new features. Marketing can plan campaigns. Support can prepare. Finance can ensure adequate budget for new infrastructure and FTEs. Sure it's annoying, but this planning is essential for a business. It just doesn't happen organically. Scrum forces developers to work to some kind of schedule, offering short-term (but flexible) estimates on what can be delivered, when.
In a perfect world, none of this is a problem, and all of it happens organically. I've just never seen that happen. The sacrifice in velocity is worth the increase in value output to the stakeholders.