If managers and executives are so overpaid, why aren't top firms outcompeted by companies that offer lower wages for such positions? Lower wages would allow those companies to offer the same services at lower prices and take over the market.
If someone is making a claim that someone is clearly doing something wrong, the burden of proof should -- to some extent -- be on them to explain why despite this, they are continuing to be successful without going out of business (if that is in fact the case).
For example, it feels to me that the way FANG companies hire SDEs and place them on teams is inefficient and weird. Why are 24 year old 1337coders considered fungible to work on any project? It doesn't make sense to me. But it's hard for me to convince myself that my feeling is correct, given that there are billions of dollars on the table for anyone who can come up with a better strategy.