Large language model (LLM)-based multi-agent systems (MAS) often exhibit complex failure modes, which frequently cause agents to produce incorrect outcomes. This motivates the task of Agent Failure Attribution: given a failed multi-agent trajectory, identify the faulty agents and their corresponding error types. Existing approaches predominantly rely on LLMs to perform failure attribution, either through direct prompting, fine-tuning on synthetic data or complex agentic pipelines. While effective, these methods incur substantial computational overhead due to long-context processing, expensive post-training and handcrafted workflows. Moreover, empirical evidence shows that even state-of-the-art models achieve limited accuracy on existing benchmarks, suggesting that scaling model size alone is insufficient. In this work, we revisit this task and question the necessity of such expensive generative solutions. We introduce AFANet, a lightweight graph-based framework that models interaction trajectories through step-level semantic signals and agent-level relationships. We show that with significantly fewer parameters and near-zero inference cost, AFANet (i) matches or outperforms LLM-based baselines, including fine-tuned models on in-domain benchmarks, (ii) maintains robust performance across different GNN architectures and (iii) can be further improved with inexpensive test-time adaptation on the OOD benchmark. Our results suggest that effective agent failure attribution does not require heavy LLM reasoning and a lightweight, structured approach can achieve strong performance.