If it isn't literally true, and I have no idea, many many things just like it are.
Heck, I could probably collect a few dozen stories from HN folk right here about projects they've done where they've wasted tens of thousands of dollars (and up to arbitrary amounts of money) delivering something that their customer didn't want and anybody could have found that out with a single question in 10 seconds, if anybody had thought to ask OR if management had taken the answer seriously.
It's the winner of the memetic evolutionary war. No sarcasm. It doesn't mean much. I think that you're likely correct that the more complicated and nuanced versions don't survive, because they transmit less well. It's still not exactly a stretch to say that lots of money gets wasted all the time for very, very similar reasons.
Most of them leave the $20 solution in place as they can then save $$$ over paying for a 'proper' solution (someone typically comes up with the $20 solution before the $8m solution makes it to the RFQ stage).
https://en.wikipedia.org/wiki/Alka-Seltzer#Marketing http://www.snopes.com/business/genius/alka-seltzer.asp