There is an element of truth to the argument that when asked to make something better it is just as viable to remove something as it is to add more. Albeit harder.
Having said that you need to be careful when you remove something and perhaps even cut back in the process:
First of all you’re relying on your teams ability to change habits and remove the same processes or elements as you suggest. Habits are a tough thing to change so don’t count on it being super easy.
Second, you’re banking on an increased ability to focus on what matters while leaving everything else aside. It is a bit tied to the above, but it still says something about the mental state of your team once you have made the change. It needs to be the right one and persist.
Third, by cutting you’re also in a way removing future options. You’re banking on making the right cuts in order to where you need to go from here. What if the underlying assumptions are wrong and you need to move in a different direction again? Will you be able to?
The above is not so say that it’s a bad idea to innovate by cutting. You just need to be fully aware that if you go down that right, the decision to do the cutting will be by far the easiest part of the transition.