I know it's ironic to say this about Intel, a notoriously management heavy company, but they did do the dual tracks which I always appreciated. A principal engineer was functionally on par with a senior manager, and a fellow with a VP. This meant that good engineers weren't forced into roles they weren't interested in, and why many stayed there 20+ years.

The issue is, even with two tracks, there's every chance that more people end up taking the management path because it's seen as an easy way to climb the ranks. Your success can be built from your teams success, rather than your own individual contribution.