I think it's fairly common to see people in managerial positions without technical backgrounds. I've rarely seen it work tho.
1) You can scope your team's features and commitments more effectively if you have some understanding of the technical complexity of each ask.
2) Understanding the technology (and the skills of your people) means you have better intuition about the right people to bring into the room when a problem arises
3) It's easier to be empathetic with your team when you have engineering experience, because you know that many times the spec is just the tip of the iceberg.
4) Credibility. A group of devs will have a lot more respect for you from the start if they know you're not just a bureaucrat and you can code (even if it's not as well as they can)