Why was Hood's deterioration not enough to force a refit?

Why did so few senior officers appear to recognize HMS Hood's deteriorating condition?

More officers recognized it than is often assumed, but money, dockyard time, and the need to keep enough ships deployed prevented an easy refit decision.

Backhouse and Pound were not the only senior officers who understood Hood's condition. Reginald Henderson and other admirals also recognized the problem. The binding constraint was fleet availability because a ship required on station could not simultaneously undergo a long modernization. Funding, time, and the number of other ships available governed the refit schedule.