IMO the architect-leader role is an attempt at scratching the itch of not being able to code. I've worked with leaders that would spend any extra time they had building projects in new frontier tech to understand the nuances behind the marketing, and I'm sure we've all worked with folks that blindly parrot the marketing speak in design meetings.

You don't have to always be building things to be a great leader, but I place more trust in a company with a technical CTO.