This is super-hard. The most elegant solution is: if you can keep the team as small as possible, you actually get both—you get centralized decision-making but high velocity.
I’ve always been impressed by how much a small but dedicated team can accomplish, and arguably the best strategy is “Can we figure out how to do this without having to add a bunch of heads to the team?”
Absent that, I’m a fan of Amazon/Jeff Bezos’s strategy of “Two Pizza teams” on this (a team that’s small enough that it can be fed with two pizzas): can you assemble a small team with a clear mandate and clear decision-making authority and point them at the problem?
I think the place this gets frustrating is when you get the worst of both worlds: decentralized teams that move slowly because of their significant coordination overhead (because they’re not actually empowered to do the things they need to do)