I've seen this attitude play out. At some point the debt grows to a point where leadership plays hot potato and nobody wants to take responsibility for it. Rather than fighting it, they just leave, from the bottom level all the way to the VPs/CTO that made (and profited from) the wrong judgement call.
If you could measure and graph technical debt, I would find the idea of "planned debt" compelling, but the reality is is that people only understand they are in debt once they see the bill, and at that point it's too late. Rational people will see the bill and say "I don't want to pay that."
If the CEO or CTO do not treat debt seriously and like it is their personal problem, that attitude will quickly be organization wide.
Debt is a type of corruption. Corruption by its very nature grows greater than linearly. Just like with COVID, corruption and debt permissiveness have an R0.
When one person is corrupt, then another person is also incentivized to be corrupt. Every person who is ok heaping on debt/corruption is another person who won't resist it and instead breed self-interest/defensiveness, cynicism, and learned helplessness.
This all leads to a core understanding of corruption (and imho, technical debt), which is that you cannot plan for corruption and it will grow much faster than you expect. Once the culture is set, it is an incredibly hard thing to change. The people most able to make the change will have been the first ones upset by the culture in the first place, maybe enough to leave. The people who have thrived and seen organizational success and therefore gained organizational clout will be the least interested in a cultural change and the least interested in seeing the difficulty of their job go up.