Refactoring code may not have any innate business value ( an exception being small performance optimization) and your business won’t immediately get better once refactoring is done. But refactoring is an essential part of software development and frequent refactoring is what keeps the code well oiled to prevent it from going obsolete.
Also, if you are working as part of a team and your team diligently conducts code reviews, then just the fact that your code will be assessed sends signals to the brain making you extra aware to maintain your code clean and keep it well optimized.
An ordered and clean environment, one that is maintained, sends the signal that the area is monitored and that criminal behavior is not tolerated. Conversely, a disordered environment, one that is not maintained (broken windows, graffiti, excessive litter), sends the signal that the area is not monitored and that criminal behavior has little risk of detection.
Check out this article linked below to find out how refactoring can greatly reduce your technical debt.