It's all there in your post. Somebody is making plenty of money year after year. Enough money to cover whatever the minimum amount is that it takes to maintain a mantle of legitimacy for the shell, plus profit. They do not care about how stupid the management is because it is not important to them that management does a good job. Why? It is reasonable to assume that it is because they never have to actually sell anything, other than the shares, to make the kind of money they want to make. It's all implied in the way they have done business year after year. That's my take based on simple observation of the company over the years.
Some wish to believe, as they always have, that it's all about the product du-joir and the gobs of money they might one day make. It's possible I suppose, but I see no reason why it must be true. Especially when it is so much easier to make money the other way.