I have several years experience now being the sole person on a mission critical portion of an international company that was still abandoned/ignored/whatever by management. All but 5% of the people I worked with have left, and there are entire portions of the code base that nobody left has ever touched or been involved with.
What happens is erosion. A manager will ask "Why is <thing> running poorly, or doing the wrong action" and you will only be able to say "I don't know". You then have to spend an hour tracking down the relevant code and teach yourself something that used to be the remit of a team of twelve and they could have answered/fixed this question in a minute. Now every ticket has to include a section about the required software archeology.
Things will keep running, but you can't really build on the previous code very well, because you have no clue how it was built or the sharp edges it works around. Even minor updates to the system means an entire sprint worth of research and a half solution that is less robust. Bugs on the tracker will never be looked at, and the backlog explodes with tickets that won't be touched before the heat death of the universe. It destroys morale, makes onboarding new devs difficult, kills any advantage a previously smart architecture brought you, makes you a pariah in the local employment environment, and reduces even your most senior devs to the output of a brand new junior dev. Your everyday task is "can I put out more fires than will start today".