On the one hand, yes, but on the other hand WP adminship means so little that it's effectively flypaper for the drama club. Admins are essentially powerless against solid contributions, and the cliques and internal strife function as a fine system of checks and balances against overt abuse.

The worst you can say about it is that the admin culture repulses newcomers. But the WP model doesn't really demand long-term commitment from contributors in order to work. WP will improve steadily based on casual contributions. And so adminship is really more of an inefficiency than a serious problem.