> It’s well known that the moat of system of record is how difficult it is to extract your data into another system.

I think that is one aspect but not the biggest issue.

The specific shape of data and shape of functionality gets built around for decades due to incompleteness of any system, expanding dependencies and changing business needs.

Decades of building around the system results in a mountain of work when trying to replace the system, typically a larger body of work than implementing the base system itself.

most of this complexity is because 1000 different types of businesses are jammed into the same database schema and ERP. Its all non sense