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My lovely wife works in the kitchen of a retirement home. She has watched things go down in the elderly care industry for several years now.
And you're not wrong, although I think your estimate of 10 years is too generous. Elderly people who don't have any assets like a home will naturally assume they can just stay with their kids. Except both of their adult children probably need to work. They don't have time or money to take care of Mom or Dad. They can't take them to appointments. They can't help with medication. They may not even have a space for them at home. And they certainly do not have $3,000 a month so they can put mom or dad in a nursing home.
I imagine there are many who would do their best. But then there ard those like my wife's parents, who were and still are abusive, terrible people who have burned every bridge they could, and are now having to cope with the idea that none of the family they gaslit for decades wants to help.