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Yearly Reviews in an age of Continuous Feedback

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I have been thinking about this odd feeling for some time and want to check if any one else share the same position. Competing in the Age of Digital Convergence many companies have been moving away from classic Waterfall process to Agile and Kanban. Product development teams are aiming for minimally viable products (MVP) to gain faster quantitative or qualitative feedback instead of the traditional model where companies used to spend longer time building and testing before making them available to their customers. Individual employees are part of teams led by different managers in any given year and they are being given feedback continuously. Amid all these changes on how we operate we still continue to have an yearly ritual for reviewing an employee. Did they take a different role with the same name? What are your thoughts?