Sure they do. You just need to spell it out in business terms, not tech terms: "Reduced incidents by 80%", "Decreased costs by 40%", "Increased performance by 33% while decreasing server footprint by 25%" Simplicity for its own sake is not valued. The results of simplicity are highly valued.
My experience is no one really gets promoted/rewarded for these types of things or at least not beyond an initial one-off pat on the back. All anyone cares about is feature release velocity.
If it's even possible to reduce incidents by 80% then either your org had a very high tolerance for basically daily issues which you've now reduced to weekly, or they were already infrequent enough that 80% less takes you from 4/year to 1/year.. which is imperceptible to management and users.