Bigger qualifier would be - what is measurable software quality? The only measures that really matter are how few bugs are there, how non-serious are the bugs, how easy are the bugs to fix in reality, how quickly and reliably can new features be added, or old ones removed, and how efficient is the code?
You can't genuinely measure software quality in the static. You can't measure it against the unknowns of the future.
Refactoring to meet some arbitrary definition of software quality is a red herring. But refactoring tools and techniques are an invaluable part of addressing the challenges of the future - of being able to address bugs / isolating code for testing, being able add/remove features, increasing code reuse instead of duplication for maintenance and predictability.