I hadn’t heard of story-point estimation (I’m new at this). In the past few minutes I skimmed https://msdn.microsoft.com/en-us/library/hh273055(v=vs.88).aspx at Microsoft.
From my skimming, it makes intuitive sense. It relies on proxy measures, which fall down at the margins; but initial estimation is all margins, and anything that pushes them back is worth looking at. I’ve always dreaded siloed (one-person) component estimating. SPE at least promises nonfictional consensus.
In what sense is it wasteful, etc.? I’d be happy for a link to an explanation