A large ad budget almost never fails because the bidding was set up badly. It fails because nobody above the bidding is accountable for it. The agency reports the metrics that make the agency look effective. The platform reports the conversions the platform is allowed to claim. Finance sees a cost line. Somewhere between those three sits the actual answer, and it is nobody's job to produce it.
The pattern I find in audits is consistent. Smart Bidding is optimising toward a conversion action that no longer fires. A primary conversion was imported from an analytics event eighteen months ago and the site stopped sending it after a replatform. The match rate between the ad platform and the analytics property is low enough that half the signal is missing, and the algorithm is learning confidently from the half that remains. None of that shows up as a broken campaign. It shows up as spend that stops producing and a report that cannot explain why.
This is not another pair of hands on the account. It is the accountability layer above it - verification of the signal your bidding learns from, and an owner for the number.