That was true 7 years ago, but they've relaxed the requirements a lot more. All I need is an IPC in the aircraft once a year. I did end up going to sim training for my initial, but there were companies that would have let me do an IPC. The reason I went with this company (and sim training) was due to the specifics surrounding logistics for this airplane. Specifically, it needed a ferry flight (on a ferry permit) that I could therefore be the only occupant of the aircraft for. It was not practical for me to get someone else to fly it, nor did I want someone else flying it.
I'm not sure if I'd say most people I know with pressurized piston twins are foregoing the sim, but that number is increasing.