They are a major systems integrator in the financial and govt world, they have a massive professional services team ensuring everything from AIX to RHEL7.2 is running and not breaking for customers, they have very smart HPC and Quantum Chemistry people working on building Quatumn Computing algorithms, they are building features in IBM Cloud for our EU banking counterparts (too big to fail French banks seem to have converged on IBM cloud as their platform of choice), managing a major Docker Hub competitor (Quay), building out and managing the primary on-prem Kubernetes orchestrator (OpenShift), and are managing the primary incident response platform used by enterprises.
There are a lot of issues and gripes to have about IBM, but they are a very critical player in the industry. Tech Bros on HN just don't have the visibility and remain in their weird HN echo chamber.
And IBM 100% does still have a middle management problem - no way I'd ever work there unless I was at least a VP.