The main reason they hire MBA types instead of engineers is because the main purpose of the company is to make money. A lot of MBA's don't take a long view on technology for various reasons. Thus, when every product you make isn't shipping a million pieces a month, these guys get worried and make stupid moves. In HP's case, they made a succession of stupid moves.

Apple does have genius technology, but you can't underestimate the influence of Steve Job's eye for design in the success of Apple products.