The stuff IBM is doing on Quantum Computing is serious cutting-edge science and engineering for instance. The R&D they are doing on semiconductors on their 2nm and sub-2nm processes is also impressive and hardcore tech. They are doing a bunch of progress on post-quantum cryptography and homomorphic encryption. They've fallen behind now, but they were also quite strong on pre-LLM NLP for a couple of decades, it was not all fluff.
Yes they have an awful enterprise culture and they are not focused on building excellent products. But what they offer fits the needs of many organizations, and a lot of the things they are doing on R&D are no joke.
Then laser eye surgery, magnetic storage, relational databases, UPC barcodes, DES, FFT, RISC, ...
yeah, almost nothing. /s
disclaimer: I work for IBM Research and I love every second of it.
I won't even comment on the rest... You just proved my point.