If that is the point, then I feel it is made out of technical mediocrity, rather than excellence. A good team should be able to adapt the technology that best fits the task, and companies should be able to hire for it. Or stay mediocre otherwise.
The hiring issue is home made. If companies started hiring for engineering skills, rather than familiarity with existing tech stack, it would change quickly. Experienced engineers are able to learn new languages and frameworks on the job. Of course, if hiring is too petty to give engineers a month of getting familiar with the product and expect readiness from the get go, then they will continue to miss out on talent.
Its easy and well known, even now.
The answer I see is that react is technically good enough.
Using boring technology doesnt mean using the technically most advanced thing.
It means picking something safe and stable.