Yes, business stakeholders often mistrust software and IT people, because relative to other industries we do a poor job of meeting our commitments.
McKinsey did a study recently which found that large IT projects ran on average 45 percent over budget and delivered 56 percent less value than expected [1].
An executive is interacting with people from multiple industries or business functions and this is on the high side. It's much worse than a function like accounting, and it's also worse than many industries with bad reputations, like construction. So over time they are going to come to regard estimates from the tech guys with more suspicion than most. To the extent that other industries have this problem, yes you will find similar trust issues.
If you are a PM/product manager then the best way to handle technical debt is to focus on the benefits that come from paying it down. You are not scheduling time for technical debt, you are scheduling time to improve reliability, security, scalability, etc. and from day one you are lobbying for more time to do every feature so that it's done right in the first place. Yes, sometimes one of these things has to go wrong before the business people start listening, but if you were calling it out from day one they will respect your input that much more.
If you are a developer it's important to understand what work has business value and what doesn't, and make or inform decisions appropriately. Frankly there are developers out there whose attitude amounts to "Your job is to pay my salary, my job is to make whatever technical decisions I want without oversight, and if we don't deliver on time/on budget it's not my problem."
Not all tech debt is worth paying down, the decision generally should be made based on the "interest rate" of the debt (how hard is this going to burn us in the long run?) and the term length of the "loan" (will this component be around for one year or ten?).
[1] https://www.mckinsey.com/business-functions/mckinsey-digital...