It doesn't work very well, and it tends to result in a very toxic culture. You get a restaurant that's packed on opening day but the food sucks, or there's no food and the sales guys run across the street to McDonald's in desperation and try to pass it off as high cuisine. Then they blame everyone else.
Now that tech types often found and run companies I think we have an opposing and probably retaliatory mindset emerging. Now all you need is a few super genius engineers and the rest... well...
Unfortunately this doesn't work well either and also tends to result in a toxic culture. You get a restaurant with five star food and a lot of empty seats. Everyone else tends to get blamed here too.
In a healthy company you have a culture that respects the need for a wide variety of skills.