Worse: If typing in code takes more time (i.e. costs more), there's a larger incentive to refactor.

I spent quite a bit of time as a CTO, and at some point there's a conversation about the business value of refactoring. That's a great conversation to have I think, it should ultimately be about business value, but good code vs bad code is a bit hard to quantify. What I usually reached for is that refactoring brings down lead time of changes, i.e. makes them faster. Tougher story these days I guess :D