This only makes sense if the compensation isn't tied to your replacement value. If it's tied to replacement value... well, too bad - the company shouldn't create an incentive to ramp up technical debt.

The problem is, that's 98% of coders that you've described.

Irresponsible coding follows naturally from irresponsible management.

That's exactly the point. Developers aren't "mostly interchangeable". Some are much better bets than others.

"There are certainly some developers that aren't competent. In my experience those developers get weeded out of the industry relatively quickly."

That gave me a chuckle.

They don't get weeded out. They might even sit in one place for years at a time before management catches on and does something, if they even catch on at all. Or, they will bounce from job to job infecting various roles with their poor work until the immune system of each company slowly wakes up and does something about them. Sadly, this gives them more "experience" and industry credibility, making it even easier to trick future victims.

In my experience even something as simple as effort varies greatly between two equally skilled developers and results in very different outcomes.