In my case my impact plummeted. Sometimes going in to management means having your hands tied -- you are the ones allowing higher ups to scale their impact. It was awful.

I'd love to be able to find folks that can do what I do -- it's probably our #1 issue holding us back -- and direct them to meet some business and technical goals, but I've yet to work at an organization that supports that mode of management.

And here your organization has failed you. In our org we split engineering career at a certain point into three careers: engineering, people and architects. Up to the VP level their grading run in parallel. The architects are optimized for tech and business impact while the people managers are good in managing people. and yes engineering tracks and architecture track optimize certain skills but are not necessarily a hard separation