(Some) chip companies have jumped on the agile bandwagon for (some) tasks.
It's always interesting to read about some chip company or another making some agile move, when the reality is that they were already doing about as many agile things as possible before agile was a thing. (For example, a management commitment to "shift left" when they have always been about significant up-front testing and feedback.)
In many, if not most, cases, the testing software is so huge that at least some of it needs to be tested itself. That can certainly benefit from agile.
But the overall process more resembles traditional waterfall. You have several definite final endpoints, and although you can make subsequent changes, those are expensive. Also, you have a silicon budget, and a pin budget, and a heat and power budget. At the end of the day, you are producing something physical with real-world physical constraints that (a) cost real money, and (b) can't be altered by just telling your customer to add more RAM or a bigger processor.
Also, in general, although designers will write their own little unit tests for a few things, it is best practice to insure that the real tests are performed by internal organizations that are different than the organization the designer is in.
I think that subconsciously, he truism that it is easier to work with and reason about a system that is already working, and to keep it working, than to get it working at all to begin with, drives a lot of the methodology.
The designer might focus on tests to insure that things work well enough to see some results, so things can be hooked up and system tests performed earlier. In one sense, this is a shift left -- the validation people and the people writing software for the chip can get started sooner than they would have otherwise, even if it's a bit frustrating because not everything works off the bat.
But the real torture tests are typically written by the dedicated verification and validation teams. Those are really different skills than design.