Both Major change and Incremental change can be at the heart of innovation, ideally they should work together. Major change can spark a whole new direction, a new audience or a new purpose. Incremental change continually improves, be responsive to the audience or even test hypothesis.
A state of constant evolution can support both of these types of change and in fact require both to take full advantage of evolution. After one major change, you have the opportunity to review your change, see how the audience responds to that change and then make any tweaks to the change, then you can focus on starting to implement and test new upcoming features.
Those who side with either school of thought exclusively risk not taking full advantage of evolution, a combination of both sides gives you the most chance of your product reaching its full potential.
Waiting for major changes can leave the product feeling stagnant for too long, the follow on from that would be less guarantees that the changes be the right one and if they are not, it takes longer to correct it.
In contrast, continual small continual change struggles to manage the users expectation, consumers rarely realign their expectations over a small change, however they are typically more willing to change expectations and behaviour for a major change.