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The game still prints them money, it might not be like steam or their bigger games but even niche gamemodes like MvM make the company millions of dollars a year. That alone should be enough to justify 1 or 2 full time devs.
The codebase being old and ♥♥♥♥ sounds bad but that's the case with most things in tech. Good developers can work with a bad codebase and make it better over time.
The whole treadmill work argument is stupid. All companies have treadmill work. What do you think HR and accounting do? With bots at least you can automate a lot of it and build technologies that will help reduce the massive amount of fraud and cheating done on your *primary cash cows*.
The reason valve doesn't work on tf2 is simple: tf2 makes them good money without any effort, and putting effort into the game wouldn't significantly improve the amount of money they made from it.
Tf2 was designed with very intentional mechanics and gameplay. When valve tried to shoehorn in the popular thing into tf2, it backfired and actually made the game less popular. Because tf2 was made the way it was, gameplay updates have to be high quality and fit with the rest of the game to be successful. This is simply too much effort for too little reward when compared to pushing out trendy cashgrabs or discounting other people's games on steam and taking a cut of the profits.
^ This
Not only is TF2 a money printer for Valve that requires no maintenance but Valve essentially tried to turn TF2 into CS:GO and failed.
The push for competitive, the different grade weapon skins it's all there, and when the community rightfully pushed back they realized that TF2 wasn't worth the effort and that it with a game as old as TF2 it would be easier to try and build a new competitive shooter from the ground up.
Which brings us to deadlock...
comp was the only way to get this game out of its endless rut, and because of their incompetence they fumbled and henceforth gave up on it. failed project, failed product. they keep it around solely because it looks like it has high players and interest in it (it doesnt) and because its a bit of side cash.
Again no right minded person would work on this
well you can add reason number 4 on there - why work on tf2 when we have a cooler class base shooter in the works?
And anyone would work on tf2 for a reasonable salary. Thats not the issue.
Go to store preferences then to community content preferences and put ".*" in "Never filter these words".
Its not about the money, TF2 makes so little compared to every other revenue stream they have. TF2 was one of the games that put Valve on the map, and they continue to use the mercs as company mascots. The reason it still exists isn't for profit its for posterity and image. TF2 could make nothing, but they still wouldn't kill it because of what that would mean for them as a company. TF2 is like a memento they keep on a shelf, something they can use to show off and self aggrandize. If they do fix TF2 it wont be because of profit it will be to save face and keep their brand integrity. In the past Valve has thrown unspeakable amounts of money in the trash over much less, but they covet their image.
They can either make a more effective anti cheat or hire contractors to properly moderate all their online multiplayer tiles. Most developers outsource their anticheat/moderation anyway