When I was a consultant I saw it happen often, BUT, seldom does technical debt get called out explicitly as a reason for failure. More usually it goes like this

When I was a consultant I saw it happen often, BUT, seldom does technical debt get called out explicitly as a reason for failure. More usually it goes like this: feature requests with no mind to maintainability/cleanup -> tech debt -> slow dev. velocity -> failure to deliver features for the businesses -> failure to retain/grow/compete