> We have this idea in modern management theory that responsibility and decision making must travel up the corporate hierarchy. That execs are best positioned to make product level decisions. Or decisions of any kind. And peons at the bottom - the “individual contributors” who do all the programming must know the least about the product.

The problem is that the decision making is not about the product. The decision making is about making money. Unfortunately, for a lot of companies, making money is not equal to building good product. IC is completely unequipped to make decisions that would maximise the company top/ bottom line (this is a descriptive statement, and it is not about the individual either: modern corporation is famously broken)