The "technical debt" metaphor gets so much better if you take the analogy more literally than most people do. Like for financial debt, the optimal amount is not necessarily zero. Oftentimes taking on or carrying debt allows you to generate more profit than you could by avoiding it or paying it down.

That said, most places I've worked manage it poorly. Few people really understand that, just like financial debt, it's something that needs to be taken on and managed in a mindful and deliberate manner.