The anti-MBA movement is really trying to redefine what an MBA means. Bad business decisions are "M.B.A.-ization". Good business decisions are... something else. Therefore, MBAs are bad.
There are plenty of bad MBAs running around, but it's no different than how we also have plenty of bad software developers out there despite having C.S. degrees. In both cases, the worst offenders are over-represented in the talent pool because they're more frequently pushed out of companies, while the best talent is locked up with high compensation.
The problem is in thinking of MBA cult itself. If I was an MBA without software engineering experience I would also not understand intricacies but would think I can manage it anyway.
A counter example would be to ask the question if AMD could have navigated it's resurgence if it had not been led by deeply technical CEO, Lisa Su
It's not an MBA cult problem, but it is a management-academia problem. Universities provide classes about management and business without focussing on the actual business part of businesses. If you want to succeed, domain knowledge will almost always be the most important thing, and business and management schools basically brush this to the side as an afterthought.
"I have a masters in biology, I know whats wrong with this country's finances". The soft narcisism of credentialism.
Michael Porter has been cautioning about mistaking a business model for a strategy for nearly 40 years, his ideas are taught in every business school, and the lesson still needs to be relearnt by every fresh set of senior managers.