There are features in oldIE that you can't bring forward via compatibility mode. I don't have a full list handy, but XML Data Islands come to mind as something that has legitimately anchored companies I've worked with to IE6 (and not because
I wrote apps using the XML Data Islands, for the record!).
It's not very hard to update that code to use non-legacy approaches, but it's a massive undertaking to even determine what code needs to be updated in some companies where hundreds of one-off apps are created and then never maintained, much less do the work to update them.