I directly witnessed a few near catastrophic failures due to Y2K at different companies, literally company killers. We kept everything (barely) running long enough to shore up and address the failures without anyone noticing, partly because we had prepared to operate in the face of those failures since we knew there was no way to fix them beforehand. It was a tremendous decentralized propaganda coup. No one wanted to be the company that failed as a result, the potential liability alone was massive.
The idea that what was averted was minor is a pretty naive take. I was genuinely surprised that we actually managed to hold some of the disasters together long enough — out of sight and out of mind — to fix them without anyone noticing critical systems were offline for months. IT was a bit more glitchy, slow, and unavailable back then, so the excuses were more plausible.
Possibly the catastrophic things were prioritized and fixed?