Mostly it doesn't happen. Shareholders might want to take risks. This time it gone bad. Next time it probably wouldn't.
if you cut corners on engineering to reduce costs and nothing bad happens, that good engineering actually
Suppose Bob fires a gun into a crowded area and happens not to hit anyone. I didn't hurt anyone! It's my right as a consequentialist!"
Bob still goes to prison.
Beyond that, engineering is about using a principled approach, by definition. Throwing something together ad-hoc and finding that it happens to work, is not what is meant by 'engineering'.
A core scope of engineering is to make technologies to make life of people better without killing them. To reduce cost is a one of instrumental goals helping business to do more than it might have done without it.
To risk someone's life is a very bad idea, even if it increases profits.