Perhaps real-time performance monitoring of people is wrong as well and marketing just made it sound less bad as it is?

If your management tracks your commits/velocity, look for a better job. The market easily allows you to do this. It doesn't make sense anyway and anyone with some technical know-how knows this.

This will escalate into something bad like publication metrics did to science. You end up with superfluous drivel that just pads real discovery. Although for code it is even more trivial.

Bottlenecks are something entirely different. If you have a critical-path, there need to be resources to tackle the task at hand. Real-time monitoring is entirely useless here as well.