The problem is that "every team and employee doing their part to contribute to financial targets", as-stated, is liable to produce suboptimization.

A person on the assembly line can "contribute to financial targets" taking a shortcut, reducing their local spend, but which emerges as a much more expensive problem down the road.

So it's true that every employee should do their part to contribute to financial targets, but defining "their part" is the hard part, something only management can do, and that MBO obscures and tries to make as simple as waterfalling the goal from above.