Why? It’s the MBA dream to make out like a bandit and leave a trail of despair and destruction in your trail: any joy left over is value you failed to extract.
One of the greatest lines ever
How many times have we seen this exact thing play out?
Xerox, Kodak, IBM, HP, etc.
Some of it is due to technological change, but even that isn't necessarily the problem but rather the company's response to it (failing to invest, focusing on financial engineering rather than innovation, asset stripping, enriching executives at the expense of everyone else, etc.) is.
What isn’t apparent, is that at most orgs you can get a short lived lift in revenue by burning a technical asset for pennies on the dollar. 10% more revenue by reducing quality 50%, but the reduction in quality lags the revenue bump by a couple quarters. You look amazing and then move on.