Because people keep calling him cheap, when in fact, he is the opposite. He has spent money on everything fans have wanted him to spend it on from players, to coaches, to facilities, to presidents of hockey ops. Dude has done everything he can financially. You can definitely question some of the choices he and his advisors made in building a front office and roster but that is independent of his spending.
You are right, he used to. Right up to the pandemic.
The problem was that he was spending it stupidly. He refused to get the help he needed to run the team and tried to figure it out on his own. However, despite some very expensive lessons, he still refuses to step back from the operation of the team.
The pandemic caused him to pull back all investment from the front office. When his GM refused to run the front office with a skeleton crew, he installed someone who would listen to him unquestionably. He let the coach and the GM do one last investment to keep Eichel happy, and they did such a piss poor job they finished dead last. That is when he cut all investment from the player payroll. Spending below the cap two consecutive seasons and in the bottom 3 of the league this year.
That's cheap. I'm not sure why you keep insisting he hasn't been cheap, but he's been exceedingly cheap since summer of 2021 and Adams has done his bidding. Sure they've used clever catchphases like 'not blocking the kids' to justify their bottom barrel spending, but the reality is, its cheapness. Too few scouts, no real experience in the front office or on the coaching staff. Even with the Ruff hiring, if he's paying him anything at all, his contract is offset by what NJ is paying him still. They are even still running with primarily the same assistants that failed terribly under Granato. Not adding veterans to support the youngsters, not leveraging cap space to gain more assets. Being cheap.
Like i've said many times, Adams has talked big about winning now. We'll see if the Pegula's checkbook is coming along for the ride or not. They should be spending at or within 1-2M of the cap this summer if they are serious about winning now.