The only legitimate reason to keep Lebby is Mississippi State's constant churn of head coaches will scare off some decent candidates. You could probably add State's low NIL spending compared to the rest of the conference as another turn off to candidates.
So, even though our NIL spending would be probably better than any of the current jobs open right now, it isn't relative to our competition. It's considered a tough job nationally and firing Lebby after an injury laden season makes the fanbase and administration look irrational and impatient.
Now, I think the right candidate can overcome all of State's deficiencies, and it's not like we're demanding to go to the playoffs every year or every other year. However, we've already seen good candidates tell us no thanks in previous coaching searches (Fritz, Chadwell, Sark), so the concerns are real.