Well, the academic research paints a different picture. Here's what we know. Even within the same industries, in the same markets, there's a substantial dispersion in management practices and adherence to best practices between the best and worst firms.[1]
The firms with the best management practices have substantially higher productivity and profits than their poorly managed counterparts.[2] We also know from randomized control trials, that interventions designed to improve management practices at the organizational level have long-lasting effects on firm performance.[3]
Moreover this isn't just a case of "good management" meaning abusing employees. There's a strong positive correlation, at the firm level, between management best practices and employee satisfaction.[1]
That's a pretty strong indicator that management, at least done right, isn't just BS. That it makes a significant impact on tangible economic output. Incompetent management really is just pure inefficiency with no upside for anyone.
[1] https://www.aeaweb.org/articles?id=10.1257/jep.24.1.203 [2] https://academic.oup.com/qje/article/122/4/1351/1850493 [3] https://academic.oup.com/qje/article/128/1/1/1838606