I have this graph I like to show with "risk to company posed by changes" and "benefit to company posed by changes" on the y axis and "company entrenchment" on the x axis. The "benefit" graph starts out nearly vertical but quickly levels off. The "risk" is the inverse, starts off horizontal but quickly ramps up to infinity.
So I think that ZIRP has little effect on the "just say no" phenomenon, that's more about company size.
Sometimes I think about the bizarre path computer technology took.
For instance, long-term storage. It would stand to reason that we'd invent some kind of big electrical array, and that's the best we could hope for. But hard drive technology (which relies on crazy materials technology for the platter and magnets, crazy high-precision encoders, and crazy physics like floating a tiny spring over the air bubble created by the spinning platter) came in and blew all other technology away.
And, likewise, we had liquid crystal technology since the 70s, and probably could have invented it sooner, but no need, because Cathode Ray Tube technology appeared (a mini particle accelerator in your home! Plus the advanced materials science to bore the precision electron beam holes in the screen grid, the phosphor coating, the unusual deflection coil winding topology, and leaded glass to reduce x-ray expose for the viewers) and made all other forms of display unattractive by comparison.
It's amazing how far CRT technology got, given its disconnect from other technologies. The sophistication of the factories that created late-model "flat-screen" CRTs is truly impressive.
The switch to LCDs/LEDs was in a lot of ways a step back. Sure, we don't have huge 40lb boxes on our desks, but we lost the ultra-fast refresh rate enabled by the electron beam, not to mention the internal glow that made computers magical (maybe I'm just an old fuddy-duddy, like people in the 80s who swore that vinyl records "sounded better").
Someday, maybe given advances in robotics and automation, I hope to start a retro CRT manufacturing company. The problems, such as the unavailability of the entire supply chain (can't even buy an electron gun, it would have to be made from scratch) and environmental restrictions (lead glass probably makes the EPA perk up and notice).
So I think that ZIRP has little effect on the "just say no" phenomenon, that's more about company size.