Now the people who wrote those stacks and who understand them are retiring/quitting. Kids coming out of school don't want to learn these systems, nor do people off the streets. You can only pay people to come out of retirement so many times to keep the plant running. This is above and beyond mainframes, and is intertwined deep in the code that powers every single application that runs the plant today.
We can't run off the shelf software on-prem, a huge level of customization is needed to bring it in.
We cannot pivot quickly to new things or support new languages.
We really struggle to add new features/releases and add new software to drive revenue. The IT overhead that just goes into keeping the plant running every day is astounding.
This is what I think of when I hear technical debt.
Going down this road did give us advantages for a long time, but now we're in an enormous crisis. It's not an insurmountable challenge, but I would be surprised if there aren't a lot of large companies who are brought down by their technical debt as faster moving competitors move around them. I certainly feel that unless we get our act together, we will be disrupted.