Have seen this so many times. And like you, having spent decades in tech, I know the cycle well. Some engineers know the problem today, but the directors will arrive at the same conclusion / concern 1-3 years later, when it becomes obvious that ... "oh this was wrong all along". But to be fair to them, they are dealing with a 1000 problems, not just this one, and that's where the management hierarchy you describe is completely liable (if someone could hold them liable).