I think it's a bit more complicated than that.
Put yourself in the shoes of someone who'd grown up on mainframes. The systems you're used to are fabulously expensive, sure, but their operating systems have sophisticated architectures that allow them to easily juggle multiple users running multiple programs while maintaining the security of the system overall. They are the completest expression ever realized of forty years of progress in the field of information technology.
Then, one day, someone drops a PC in your lap. You are horrified. It's a single-user, single-tasking system with absolutely nothing stopping the user from trashing everything by running the wrong program.
To you, this new... thing, whatever it is, is barely worth the name "computer." It feels more like a toy -- like something you would give to a child to play with. Certainly nobody would ever run critical systems on it, you think.
And here's the thing. You're absolutely right! All your concerns are one hundred percent valid. But it turns out that nobody cares; the PC is much, much cheaper, and it lets everyone have their own dedicated hardware right on their desk running any software they care to install, instead of time-sharing a mainframe and begging for permission each time they want to try a new program. Or, put more bluntly, it lets them escape from having to deal with the corporate IT priesthood (i.e. you) anymore.
The market speaks! You are derided as a pointy-headed nerd and swept into the dustbin of history.
Now fast forward ten or fifteen years. People start taking all those PCs they bought and hooking them together into networks... and suddenly all those things you were worried about back in the day come roaring back to bite them. Users discover that their machine stops talking to the network when they click and hold the mouse button, because the OS can't walk and chew gum at the same time. And the complete lack of security makes their machines super easy to compromise.
The PC vendors panic. They scramble to rewrite their old systems into systems that can live comfortably on a network. And when they're done, they roll out systems that look an awful lot like what you were insisting the baseline for a "real computer" was fifteen years ago. The world cheers and lines up to buy back all the sophistication they had happily thrown away before.
In other words, it's not so much that the IBMers were wrong, it's that they were early. When OS/2 arrived, the world didn't understand yet why it needed something like OS/2. And by the time it did, OS/2 didn't exist anymore. But in this business, being early is effectively the same thing as being wrong. The market doesn't give out points for foresight.