IBM (without RedHat) still have hundreds of thousands of employees doing work and generating tens of billions of revenue. Whether it's of value depends on how cynical you feel today but IBM is very far from being just RedHat.
> Do they actually do anything of value anymore or are they just Redhat now?
IBM is a behemoth. They bought Red Hat in 2019 for $34B. At that point Red Hat had an annual revenue of ~$3.4B.
How much is $34B for IBM? That year their annual revenue was $77B. They literally spent less than half of their annual revenue that year to buy the company.
Even if we assume that the revenue stemming from Red Hat in IBM has doubled since then, that's still less than 1/10th of IBMs revenue the year they bought Red Hat (it's about $60B today).
