They became a "services" company which means they want that recurring revenue. When they sold a few million dollars in hardware to a company they didn't make another sale like that to that company for awhile. Sure, they could sell some software to the company but at the time, that paled in comparison to the hardware sale. Which was fine because a lot of companies back then were buying that hardware and the hardware kept getting faster and faster and after awhile IBM could convince those companies that an upgrade would result in faster revenue, which it would.
But in the early 90's things got fast enough. Little old PC's, in particular, could crunch things that the mainframes choked on 25 years prior, so companies started buying lower margin PC's instead of the mainframes. Companies like Microsoft and Dell were in the positions of power that IBM used to hold.
So Lou Gerstner came along and said, "Let's transition into a services company. Customers will pay recurring revenue to have IBM solve their problems on IBM hardware that the company buys or leases. And the sky's the limit on how much we can bill in services!"
As an aside; this happened to Qwest (now CenturyLink). IBM literally bought Qwests IT staff and leased them back to Qwest. I know someone who was part of that. It was a nightmare. The level of bureaucracy that IBM added was obscene. It took weeks of emails back and forth and meetings just to get approval to change a password.
Within about 15 years those hardware margins got so thin that IBM sold off its PC business to Lenovo and doubled down on services. And, as one commenter mentioned, they now had a direct incentive to make things even more complicated so that their services team could bill out even more.
Do they overcomplicate on purpose? I honestly don't think so. I think it's an emergence effect of a) trying to do things too fast without thinking them through, b) the aforementioned bureaucracy which is crippling, and c) offshoring a lot and which doesn't always get you the best quality. They still have a semblance of "Nobody ever got fired for going with IBM" working in their favor and they know it so nobody in a position of authority corrects that emergence effect, if they're even able to see it happening at all.