Not taking most of that flamebait :)
But :
"Or maybe they have forgotten that the vast majority of IT these days is boilerplate work - something you can train a new person to do without too much effort."
And therein lies the problem, there is a belief prevalent , even among those who really ought to know better, that IT can be reduced to this. And in fairness, there *ought* to be a certain amount of stuff that can be dumbed down far enough for this to be true, at which point you can start farming your tedious day to day tasks, like ad-hoc MIS reporting and suchlike, out to your users, where it properly belongs.
But in order to get to that point, you really do need to people in your org who know what they are up to. That means proper training and experience.
Proper training, in whatever form, costs money, and creates people with a high value to the org, value which they rightly expect to see reflected in their pay packet.. Experience means keeping people in house with skills and the domain specific knowledge that is so important to any large org. That means loyalty, which means making people *feel* valued (e.g by paying them lots of money), or hiring experienced people, who are justifiably more expensive.
I agree entirely that there are far to many people in IT, especially in our benighted isles, who overrate themselves by quite a considerable margin (Web developers, I'm particularly looking at you), but then again, try running an org of any size without them.
You might think it's easy, after all businesses survived with nothing more than paper and ink for many hundreds of years, but now all your mission critical information is stored inside computers, which are complex, and therefore liable to behave, and fail, in mysterious ways which are entirely opaque to people without specialist knowledge.
For this reason alone, good, competent, IT people are worth their weight in gold. But much like plumbers, you only see them when things start to smell bad. Which will be soon, if you lose all your talent.