I speak as a guy at the end of the technical track, on my second consecutive job of "look, you make as much as we'll pay just-a-programmer, even an architect, here."
Many managers are now convinced things are better. I never talk to anybody high-up on that track who thinks so. Of course, most companies don't have anybody high up on a technical career ladder, but are convinced it's going to be fixed any year here.
Fundamentally, as long as it's even 20% easier to get promoted as a manager, people are going to intentionally pick that track. In practice, it's usually 2x-5x easier to get promoted as a manager.
I don't think that's fixable. At some point, executives have to decide who to promote. Executives, like the rest of us, prefer people who have skills like theirs - I bias in favor of programming skills for the same reason.
But executive bias toward their own skills mean people managers get promoted.
I've never worked at Google. But I know a lot of Googlers. I don't think I'm wrong. Also, there's another comment from a Googler disagreeing with you in response to this very comment.
It's not a Google-specific problem. But it's a big one.