Why can't they just replace the signal head?
"just"? Depending on what kind of structure the head is on, what access is available for lifting equipment, what possession and OLE isolations might be needed to carry out the lifting operation, then the electrical work to safely disconnect the old head and connect the new head, independently test the work, re-sight the signal to ensure that the new head is correctly aligned..... "just"?!!!!
And that assumes that you can get a new signal head that is physically and electrically compatible with the old one. If you need to modify the structure that the head is mounted on (or even provide a complete new post), and/or modify the circuits that control and prove the aspects, then it could become a major exercise.
Back in the good old days, BR specified standard mountings and circuits that all manufacturers had to meet, so that you could replace one head with another, regardless of manufacturer. Nowadays the manufacturers of LED signals seem to be each going their own way, with in some cases structures being integral or designed for a particular type of head. Obviously if that manufacturer goes out of business, this is going to cause issues.