When things can last 40-100 years with little to no maintenance before catastrophic failure, there is _extraordinary_ incentive to defer maintenance until catastrophic failure occurs.
For every mayor / governor / utility director etc. who experiences the eventual failure, there are dozens of predecessors who benefitted from deferring preventative action. Every previous leader who punted on maintenance and saved money or increased profits and reaped immediate tangible rewards. The company stock went up. Or the town paid it's firefighters pensions, which turned out to be more expensive than planned.
"We ought to do more maintenance, but waiting another year or two will be okay," says everyone. "Next year, when we're not in such a bind, we'll catch up."