I think this is a problem one can find nearly everywhere where software is used: As long as a system is (somewhat) usable its perhaps just cheaper to keep it running... and hoping that the collapse will happen somewhere in the future when it's not the current manager's problem anymore
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Meanwhile, had a fund been developing to replace the "bubble gum and baling wire" solution, they wouldn't have let it sink to the depths they are in now. I totally understand squeezing every last bit of ROI, but after a mistake has been made, passing the buck is usually the most expensive option.
At least you have plenty to keep you busy. If the company can afford it, you're in a good shape!