I think this looks to be the more plausible reason for massive executive pay than anything else. I remember watching a documentary about F1 and there was a comment about Bernie Ecclestone made everyone understand that they have to work together to make the pie (F1 earning) bigger so that everyone's share become bigger.

It seems that executives are essentially doing the same. Making and perpetuating the myth of extreme compensation being essential and justified for such responsibility. I would agree that it can be an extremely complex responsibility to bear and be compensated similarly. Depending on the company I can understand 5-10 times the salary but 10s of millions sound absurd.