It's well known that companies quickly turn south around bad manager, if just because they can't retain good talent. But that doesn't make all managers bad: Good ones are rare, and their people know it.
For instance, I just left a well paying job at a very large company because my manager quit: he though no initiative could never be successful in the internal political climate, so he left despite being offered a big promotion. Since he left, the company had 6 high profile resignations, as we all knew the alternatives the head of IT was considering were just bad managers. Now, with tentpole technical people leaving, a lot of other qualified people are looking for new jobs too: It was quality leadership that was bringing the team together.
Really, your original comment on this topic would be 100% fair if you were describing what this company is going to end up with. I have worked for horrible, horrible managers over the years. It's just that once you have seen good management, and understand the wonders of productivity one of those can achieve, it's just very hard to agree with a view quite as dire as yours.
There's all this companies that are working on helping recruit good developers: In my experience, good developers are not really THAT hard to find: But a company that could help hire good managers, and properly identify the people that have management qualities in our office, as opposed to just those that look and sound managerial? Now that's a company that would be worth hiring.