as a fellow skeptic, this oversteps. your mistake is that smart = value. connections do have value, as does experience and other leadership qualities than domain expertise. your criticisms will be stronger if you recognize this.
I worked at a company that was relatively successful because of the connections the CEO brought to the table.
Objectively, the company would have been far less stressful to work at - and more profitable - if we had a better leader, but it wouldn’t have existed without his connections.
I have, unfortunately, also seen something similar to your experience. This is why hiring for a role like that is tricky.
I want to say for the record I also once hired an awesome CEO who was humble, sincere, reasonable - and very effective. We're still friends after 25+ years.