This is one reason it's critically important for a company to have paths for ICs to take on larger responsibilities that aren't necessarily management responsibilities. Not everyone wants to be a manager, and not everyone is good at being a manager. Some people want to become increasingly senior engineers. (They'll still, ultimately, be responsible for things that involve other people, but that doesn't mean they want to be a people-manager.)
- General George S. Patton, probably
“Do more” is a failure mode and path to burnout. “Do what I’m doing and you’re not doing” is a cue that an ambitious engineer can reflect on constantly.
Also, everyone else hears the same memes about "being a force multiplier" too. When everyone is trying to be a multiplier for the team by helping everyone else on it, the result isn't exponential productivity growth - it's drowning in exponential noise.
Like some other commenters correctly observed, the most significant factor is actually whether the company you're in is stable headcount-wise, or growing fast. In a stable company, promos are a contested resource, which makes the requirements arbitrary - you're graded on an ordinal scale, not a nominal one. In a fast-growing company, promos will happen to you, through no effort on your own - you can coast upwards on seniority alone.
In neither situation, consistently performing at the level above you is a differentiating factor.