> I've always felt that hierarchical, subservient thinking is strange, and I honestly never considered my former bosses to be "better" than me.

It is generally always about politics. I have been through many re-orgs, various people go up and down in esteem like the tides based on whatever the prevailing sentiment is this year. Position in the hierarchy reflects that along with personal relationships with the right people, and a big dollop of luck.

There is little correlation of ability to your level, of course. Success often depends on who is under you, and how you can spin their output (good and bad).