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Model-based engineering (MBE) has been touted as a new and substantively different approach to software development, characterized by higher levels of abstraction and automation compared to traditional methods. Despite the availability of published verifiable evidence that it can significantly boost both developer productivity and product quality in industrial projects, adoption of this approach has been surprisingly slow. In this article, we review the causes behind this, both technical and non-technical, and outline what needs to happen for MBE to become a reliable mainstream approach to software development.