* It's a bad time to move away from tech
As a manager your role isn't to be the "best technical person" anyway. You still need to understand fast-changing capabilities of course. But you are managing people now, and the required skills are different. See below.
* The ladder is very competitive
It's always competitive, and in my experience it was the exact opposite - there were far fewer VP-level technical roles than VP people managers.
* The pay is lower (for senior managers vs. senior technical track)
Again, this is the opposite of my experience (besides at the first-line manager level, where pay was comparable.) Where I worked managers could quickly get paid more with more responsibility. I always thought it was because managing people is actually a lot less fun (at least for me it was.)
The biggest reason not to become a manager is because _it is a completely different job_. Although managers need to be technically competent, management skills are much more about people (and politics.) If that isn't your jam, then don't become a manager.