I said much the same thing.....until the company that outsourced my behind didn't bother to replace it when I quit the "outsourcer". There were 12 on my team when I was there, circa '04. The last I heard, about a year ago, was that there were 3, along with a couple of the aforementioned overworked new guys that come through on a constantly rotating basis. And, I should add, that there's a reason why the three who are left couldn't find a different job. :-)
The company just didn't replace us as we left. And frankly, I wasn't in a "fluff" job.....Infrastructure isn't something that you can cut....at least if you want servers, email, manufacturing equipment, phones, etc to work for you. Regardless of manufacturer's claims, things do break.
My guess is that the company is just doing the absolute bare minimum to get by....break/fix only, with no new projects, acquisitions, or initiatives. I know that (again, as of last year) a couple of systems that I put in around 1999 or 2000 were still in use, without any changes made to them. I'm sure that the server guys who are there say a short prayer every time they pass by my old servers....those have got to be some tired boxes.
IT is not chip design. You can build a car without all the automation (by hand) but you can’t build a car without a transmission ... and sell it