Unfortunately, this is largely a fundamental issue. It is outrageously hard for an IC to have impact that is orders of magnitude more than their peers. Volume maybe. But in terms of impact? Really hard.

Managers get to cheat, to some degree. They instead are tasked with organizing a whole bunch of people - who can achieve things that a single person never could. So a manager has a much easier "I made the company 10% more money" story than an IC.

Some organizations try to fight this bias, but it is hard and takes a clear framework for promotion guidelines and constant vigilance.