What I think I was getting at then, and certainly believe now, is that some people grow with the code, learn from many of their mistakes, and do the long quiet job of expunging their worst errors as they go. Their code is the best proof that they could accomplish a rewrite, because it already is a rewrite. They just didn't need to stop the world to do it, or at least not all at once. Perhaps a month here and a couple weeks there.
For the rest of the time it has been like the Ship of Theseus. All of the parts are new, and yet it is the same ship.
Meanwhile the rewrite guys are continuing with their mess and hoping they get a do-over, putting off things hoping for Some Day. And on that magical day, all of the bad habits of the entire team (management included) will correct themselves overnight.
Bad habits are too hard to break. The best of us know that you don't abstain from bad habits, you crowd them out with new, better ones. But that takes time, practice and determination.
If you want to condense it down to nothing new under the sun, that's fair, and I would offer that I wanted to believe the rewrite folks were onto something, but at the end of the day, breaking down the problems and using relentless refactoring seems to be the only thing that works, without changing the definition of success to achieve victory.
And then to top it off; if you did rewrite the system you not only need to reverse engineer N years of code, but also N years of bug fixes and random miscellaneous snippets that made it into the system and that no one who still works at the company understands the purpose of any longer.
There's some truth to this I think. Big bang rewrites are best avoided where possible and there's plenty of ways you can incrementalize refactoring that don't occur to most people.