While there’s some truth to this, 3 years down the road when the codebase is a spaghetti nightmare, all the original authors have moved onto other companies and the impending refactor is looming, management starts to wonder: was it really worth it?
Instead what happens is that the old developers built big things on-time so they were "good developers," and then the new developers struggle with the code and so management assumes the new devs are less competent.