Lets try explaining it through a hypothetical scenario.
The man is safe when a ship is built and he is inside it!
In a water-fall model of approach the man remains exposed to all threats till the ship is built.
If he is lucky he survives, he deos not get any flabour how the ship would look like or behave in prior.
In a MLP approach the man successfully articulated the minimum loveable product which he could accept and delivery team came to an agreement whats that minimum product they could afford to deliver.
MLP approach manages risk realistically with each delivery. It reaches to the actual product in an organic useful manner.