If the bulk of RH's tech was acquired and did not originate with them then why is their engineering culture even relevant? What engineers work by acquisition? That doesn't sound like engineering to me but business.
Now, if you're talking about the engineering cultures of the companies RH acquired, if RH was able to preserve the engineering cultures of the acquisitions they made, why can't IBM?
Also, if by "engineering culture" you're not actually talking about any innovative products that RH itself came up with, but rather the contributions that RH engineers made to open source projects like gcc or the Linux kernel, IBM has done a lot of that too. I'm not sure why that wouldn't continue under IBM's stewardship of RH.