This is possibly a risk, but it's not one I've ever seen play out. I don't think most people favor failing fast. It's something you do because it's good practice, while crossing your fingers that it doesn't fail. I think this is because in order to prove that something doesn't work, you first have to come up with that something -- deciding on a problem and thinking of a potential solution. While some people might find it fun to disprove other people's ideas, I don't think most really find it satisfying to disprove their own.
I think the bigger risk to this approach is that it can be disheartening and demotivating to see your ideas that you already got attached to and were looking forward to pursuing shut down. But it's still less demotivating than spending a year on it before watching it fail.
I had a group working under me who were troubleshooting an intermittent fault in some control circruitry for a nuclear reactor, and they started phoning it in just like this when they realized that there was only enough appetite to describe and propose weird problems to the boss once each day. After about a week, the goal became achievement of the daily failure with a minimum of preparation. It was a highly solvable problem, but they were all avoiding the necessary step of serious research.
That's reasonable. I think being in the academic world, I don't see it as often because daily achievement isn't really rewarded -- it's all about individual output in the longer term (manuscripts, grants, etc. ), and every "failure" feels like a step away from having a completed manuscript, even when it's necessary. If anything, it's why a lot of academics tend to avoid the "fail fast" techniques, because at a daily level, it feels more productive to be working towards a solution (even if it is a waste of time) than shooting down potential solution after solution.
I think the bigger risk to this approach is that it can be disheartening and demotivating to see your ideas that you already got attached to and were looking forward to pursuing shut down. But it's still less demotivating than spending a year on it before watching it fail.