That is what I mean when I say there is no exact translation.

摆烂 doesn’t mean see the system collapse, merely displaying the lack of interest to participate. So the speaker is displaying the 烂 (bad attitude, rot), not the system. I believe 摆烂 is more akin to “civil disobedience” or “quit quitting”, than “let it rot” (if anything, it is closer to the literal meaning of “let me rot”).

I want to make it more clear in my original comment, but I was afraid it would be too verbose and distract the reader.