Text requires effort to translate, and might not fit well for some languages and some UIs. So managers don't want to pay for translations & thus want only icons, and designers don't want to make UIs that work for wildly different label widths. This is not unique to hamburger menus, but it does mean that "just replace it with the word 'Menu'" will be rejected.
Hamburger menus are annoying because they add a click. They can save some screen space on small devices by allowing most of the top area which would be covered by a menu bar to be clear, with only a single button in the corner. This is pretty useless on larger displays (laptops, desktops, etc.) but makes sense on phones, and sometimes on smaller tablets.
Hiding options happens even with traditional menus. Do you change application settings under Edit->Preferences, or is it File->Settings, or Tools->Options, or something else? Or worse, do you change some things in Edit->Preferences, others in Tools->Options, and yet more in File->Settings?
Hamburger menus aren't always bad design, but they often allow hiding bad design by making the UX worse. Attempting to unify UI across wildly different interface types (desktops, laptops, tablets, & phones) inevitably leads to bad design & bad UX. Keeping a common color scheme or overall style is fine, but the interaction patterns of the different input schemes (keyboard & mouse, keyboard & touchpad, touchscreen) are different enough that UIs need to vary between device types for a good UX.