Its a different "culture fit" metric than IC. I prefer IC, I've just also done what you're suggesting.
I've ran companies before too, been technical founder a couple times, have done plenty of side projects with remote agencies as well, which turned into companies. I've been "lead" in IC, or been promoted to Engineering Manager. When I'm on the job market and trying engineer manager, I've had comprehensive answers for everything, people don't see me as the manager. I've tried a more social approach as well and a variety of iterations. Nope. They don't see me.