And the corollary: new development team comes in and says everything is crap (while breaking it) and tells management they need to make a new system from scratch.

Cash strapped business goes ahead, because developers are always right, and the old team never resolved new requests anyways. Management puts the cost press on the team, so they end up making a shiny pile o’poo that does what the current needs are, but at a much higher cost than stable maintenance.

Team is burned out and new team comes in.

Repeat.